Al-Badawi stresses the importance of moving the Gulf-Asian partnership from exploring opportunities to the actual implementation of joint projects

The Secretary-General of the Gulf Cooperation Council (GCC) States, Jassem Al-Budaiwi, stated today that the economic partnership between GCC member states and Asian countries represents a strategic pillar for enhancing economic and investment cooperation, expanding the horizons of financial and banking integration, and developing digital infrastructure, thereby contributing to achieving sustainable development and shared prosperity.

In a speech delivered during the opening of the Gulf-Asian Economic Forum in Bangkok, the capital of Thailand, under the theme “Banking, Investment, and Digital Infrastructure,” organized by the Kuwait Bankers Association and the Asian Bankers Association on the sidelines of the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group, Al-Budaiwi clarified that the global economy is undergoing rapid transformations in which geopolitical developments intersect with changes in trade, investment, and technology. This underscores the importance of building reliable economic partnerships capable of addressing challenges, ensuring the sustainability of financing and trade, and opening broader avenues for economic growth.

He noted that GCC economies have demonstrated their ability to cope with economic and financial challenges thanks to the economic and fiscal policies pursued by GCC member states, their strong financial reserves, and robust banking sectors, as well as their efforts to diversify their economies, develop infrastructure, and deepen Gulf economic integration.

Al-Budaiwi emphasized that the historical and extensive commercial relations between GCC states and Asian countries form a solid foundation for building long-term economic and investment partnerships. He explained that the integration of Gulf financial and investment capabilities with Asian industrial and technological capacities and markets provides opportunities to launch joint projects that contribute to knowledge transfer, technology localization, and enhancing added economic value.

In outlining future areas of cooperation, Al-Budaiwi identified three main pathways to strengthen economic partnership between the two sides. The first pathway focuses on logistics and infrastructure by enhancing connectivity between ports and economic centers and developing transport and storage networks, thereby facilitating trade flows and improving the efficiency and resilience of supply chains.

He clarified that the second pathway involves digital infrastructure and artificial intelligence, through expanding joint investments in data centers, cloud services, and advanced technological applications, as well as exchanging expertise and knowledge. This aims to enhance productivity, improve service efficiency, and support digital transformation in the economies of both sides.

He added that the third pathway focuses on strengthening financial and banking cooperation by expanding trade and project financing, developing joint investment platforms, enhancing interconnectivity between capital markets, and facilitating cross-border payments. He stressed that providing reliable and effective financing is a fundamental element in transforming economic opportunities into executable investment projects.

Al-Budaiwi reviewed a number of economic and financial indicators reflecting the resilience of GCC economies, based on the latest data issued by the GCC Statistical Center. He noted that the assets of Gulf sovereign wealth funds amount to approximately $5.2 trillion, while the market capitalization of Gulf financial markets reached around $4 trillion by the end of June 2026.

He added that the total assets of commercial banks operating in the GCC countries reached approximately $4.1 trillion by the end of June 2026, while the net foreign assets of Gulf central banks amounted to around $829 billion during the same period. He emphasized that these indicators reflect the financial and economic strength of the GCC states and their capacity to finance long-term investments, support business growth, and build economic partnerships with sustainable impact.

Al-Badawi stressed the importance of advancing the Gulf-Asian partnership from the stage of exploring opportunities to the actual implementation of joint projects and investments, by enhancing communication between economic and financial institutions, identifying priority opportunities, and taking practical steps to develop them. He reaffirmed the pivotal role of the private sector in supporting innovation and transforming economic initiatives into tangible developmental projects.