DOHA: Qatar chaired the first meeting of the preparatory committee for the Committee of Central Banks Governors of the Gulf Cooperation Council (GCC) states, which was held here on Monday.
Supervision Assistant Governor at the Qatar Central Bank (QCB) and chairman of the meeting Hamad Ahmad Al Mulla praised the preparatory committee's roles and tasks, whereby it will effectively prepare and plan for the GCC Central Bank Governors' meetings, monitor and implement their decisions and recommendations, and propose topics and joint initiatives related to monetary and banking affairs.
In his opening speech, Al Mulla emphasized the importance of enhancing cooperation based on the directives and recommendations of the GCC Central Bank Governors, which highlighted the need to ensure financial market stability and achieve shared economic goals, underscoring the significance of exchanging experiences and developing effective policies to build strong and resilient financial systems.
Al Mulla said that this meeting comes at a time marked by accelerating challenges and emerging opportunities, something that necessitates being adaptative before these developments.
The Supervision Assistant Governor at QCB noted that the preparatory committee's discussions will outline the key topics to be addressed by the 83rd meeting of the GCC Central Bank Governors Committee scheduled for next month.
Al Mulla added that these discussions will help formulate effective strategies to enhance financial and economic stability in the region and cause a significant shift in the financial sector, which is experiencing an increasing use of modern technologies, artificial intelligence and its applications in financial services.
In the same context, Assistant Secretary-General for Economic and Development Affairs at the GCC Secretariat-General Khalid bin Ali bin Salim Al Sunaidi said that the challenges arising from global economic crises require taking all necessary measures to address and mitigate their repercussions. He added that the committee plays a significant role in achieving greater economic integration among GCC countries, particularly in the monetary and banking sectors, highlighting the strength factors of GCC countries which could be leveraged for development, such as economic diversification, technological advancement, and geographical location.
Al Sunaidi also pointed to the recent economic data which indicate that the GCC economies are expected to grow by 3.6 percent this year and 3.7 percent in 2025, surpassing major global economies, with global reports suggesting that non-oil sectors will lead economic growth in the GCC countries.
The preparatory committee was approved during the 82nd meeting of the Committee of GCC Central Bank Governors, which was hosted by Qatar in March, in its capacity as the current chair of GCC meetings.