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GCC’s comprehensive vision aims reduce reliance on oil

GCC’s comprehensive vision aims reduce reliance on oil

Secretary General of the Gulf Cooperation Council (GCC) Jassem Al-Budaiwi said that the comprehensive strategic vision for economic diversification aims to reduce the reliance on oil revenues and attract foreign direct investment.

The Secretariat General said in a statement that this came during Al-Budaiwi’s participation in the “Gulf Innovators 2024” conference organized by Al-Diwan Forum at Harvard University from May 10-12, 2024.

Al-Budaiwi added, in his speech, that the GCC countries position themselves as competitive digital hubs on the global map, supported by their favorable geographic location and young population.

He also said that strategic location, coupled with robust infrastructure, paves the way for the council member states to attract international partnerships that support their long-term development goals.

“This transformation paves the way for a future that drives technological innovation, digital integration, economic growth, and creates technology-related job opportunities, attracting
global technology companies, which positions the GCC countries for long-term economic stability and global competitiveness,” he indicated.

He concluded his speech by expressing pride in the remarkable achievements of the GCC countries in economic development and integration, highlighting the transition from oil-dependent economies to diversified economies.

Source: Kuwait News Agency