Riyadh- Gulf Cooperation Council (GCC) Secretary-General Dr Abdullatif bin Rashid Al Zayani stated that Riyadh will witness on Thursday the first meeting of the Gulf Economic and Development Authority, which will be chaired by Deputy Crown Prince Mohammed bin Salman.
On the sidelines of the preparatory committee meeting held on Thursday, which discussed the authority specialty, statute and topics related to reinforcement of economic and development cooperation between the GCC countries, Zayani stated that “The meeting of the preparatory committee was a chance to tackle the prepared agenda of the upcoming meeting.”
The GCC Secretary-General mentioned that forming the Gulf Economic and Development Authority was one of the recommendation s of the meeting of GCC leaders for consultations, along with stipulating the establishment of a ministerial committee entrusted with preparing for the meeting.
Kuwaiti Finance Ministry Undersecretary Khalifa Hamada reported to the press, on the sidelines of the preparatory committee meeting, that one of the basic topics discussed in the meeting was launching the joint Gulf market and achieving unity of customs.
“I believe that the firsts step is to determine the tasks of the authority then to form the technical office. Those in charge of the authority will determine which economic and development matters in the GCC have the priority to be tackled,” said Hamada.
Regarding economic growth slowdown and income sources diversification, amid drop in oil prices and relapse of oil revenues in the Gulf, Hamada ensured that these topics will be listed in the authority’s meeting agenda.