GCC members could look to increase investments in Hong Kong as the bloc’s GDP moves beyond $2.1tn and
Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi said that the allocation of a Gulf dialogue session within the Asian Financial Forum 2025 in Hong Kong underscores the economic position of the GCC countries in regional and international forums.
This statement came during Albudaiwi’s speech at the Gulf dialogue session held in Hong Kong as part of the Asian Financial Forum 2025.
GCC investments in Hong Kong
He stated that this session aims to highlight opportunities for enhancing cooperation between the GCC countries and the Hong Kong region, which share historical and economic ties.
He emphasised that the forum is an important platform that brings together thought leaders and decision-makers worldwide, representing a pioneering platform for exchanging knowledge and developing strategic partnerships in finance and business.
Albudaiwi said: “The GCC countries hold a significant economic status globally, with their GDP reaching approximately $2.1tn in 2023,” adding that the total sovereign financial assets in the GCC countries amounted to around $3.2tn, accounting for 33 per cent of the total sovereign assets worldwide.
According to Albudaiwi, the GDP per capita is approximately $36,700. In terms of reserve assets, the foreign reserves of the GCC countries at the end of 2023 reached nearly $748bn, achieving the fifth position globally.
Furthermore, the market capitalisation of the Gulf financial markets in 2023 was approximately $4.4tn, while the total assets of commercial banks operating in the GCC amounted to about $3.2tn by the end of 2022.
Albudaiwi said: “These figures reflect the economic strength of the GCC countries”.
He highlighted that the Gulf Cooperation Council countries hold the top global ranking in crude oil reserves and production and also lead in natural gas reserves while ranking third globally in natural gas production.
He underscored that the GCC’s balanced policies have contributed to the stability of energy markets by providing secure and stable oil and gas supplies to global markets.
He mentioned that the GCC’s significant economic potential creates numerous opportunities for cooperation with Hong Kong, a leading Asian financial centre.
Albudaiwi said: “This collaboration reflects a shared vision to promote innovation and sustainability in financial and economic activities, as well as to develop trade, investment, fintech, education, and other vital sectors forming the basis of the future knowledge-based economy”.
He also reviewed several joint Gulf projects, notably the 2,100km GCC railway project and the Gulf Cooperation Council electricity interconnection project.
He stressed that these projects offer promising opportunities for the business and finance sectors to develop and invest, particularly in localising industries related to their construction, operation, and maintenance.
He also addressed the signing of an agreement to sell electricity to Iraq and the existence of plans to expand interconnection and electricity trade with numerous regional and international countries.
He noted that the GCC also launched the Gulf Payments Company, enabling swift, instant, low-cost financial transfers in local Gulf Cooperation Council currencies and other currencies within a secure and stable environment.
He stated that these and other projects form a strong foundation for enhancing cooperation between the GCC countries and Hong Kong in the future.
Albudaiwi reiterated that this dialogue session will provide a unique opportunity for productive discussions and strategic insights to strengthen ties between the Gulf Cooperation Council countries and Hong Kong.
He said: “It will also be an opportunity to showcase available opportunities and explore ways to enhance cooperation, serve mutual interests, and promote sustainable growth in the region, benefiting all parties and enhancing the Gulf region’s standing on the global economic stage”.
Follow us on
