Hamad Al-Marzouq: Stronger Gulf-Asian Prospects Supported by Banking Partnerships, Investments, and Digital Connectivity

- Total trade of Gulf goods with Asia reaches $1.59 trillion

- China, India, Japan, and South Korea accounted for approximately $659 billion of total trade

- Gulf financial institutions are well-positioned to lead the Gulf-Asia partnership, backed by strong liquidity and solvency

- Total assets of Gulf commercial banks reach $3.9 trillion in 2025, with foreign assets totaling approximately $837 billion

- Integration of Gulf capital and Asian technological innovation contributes to building an economic corridor for investment, innovation, and sustainable growth

Hamad Al-Marzouq, Chairman of the Board of Directors of the Kuwait Banks Union and Chairman of the Board of Directors of Kuwait Finance House, emphasized the growing strategic importance of relations between the Gulf Cooperation Council (GCC) countries and Asia, and the pivotal role played by the banking sector in enhancing economic integration between the two regions. He pointed to cooperation between the Gulf and Asia, highlighting stronger economic prospects supported by banking partnerships, investments, and digital connectivity.

This statement was made during his opening address at the Gulf-Asia Economic Forum, titled “Banking, Investment, and Digital Infrastructure,” held in Bangkok on the sidelines of the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.

The forum was attended by a distinguished group of senior officials, including Jasem Al-Budaiwi, Secretary-General of the Gulf Cooperation Council; Dr. Yaqoob Al-Rifaie, Minister of Finance; Subagi Suthumporn, Deputy Prime Minister and Minister of Commerce of Thailand; Bassel Al-Haroun, Governor of the Central Bank of Kuwait; as well as central bank governors, ambassadors of GCC countries, and numerous leaders from the business community, banking sector, asset management, and technology industries from across the Gulf and Asia.

In his speech, Al-Marzouq affirmed that the strong relations between the GCC countries and Asia are steadily advancing toward deeper partnerships that enhance areas of investment, trade, and economic growth. He noted that both regions play an increasingly important role in consolidating stability and enhancing resilience in the face of current economic challenges.

Al-Marzouq highlighted the robust economic ties between the two regions, noting that total trade in goods between the GCC countries and Asian nations reached approximately $1.59 trillion in 2024, according to data from the GCC Statistical Center. China, India, Japan, and South Korea accounted for approximately $659 billion of this total trade.

He clarified that China led the list of GCC trading partners, with a trade volume of approximately $299 billion, followed by India at around $158 billion, Japan at approximately $114 billion, and South Korea at about $88 billion. Collectively, these four Asian economies represented approximately 41.5% of the total external goods trade of the GCC countries in 2024.

He stressed that Gulf-Asian relations remain a strategic priority, supported by growing trade volumes, increasing investment flows, and the active role of financial institutions in financing infrastructure, energy projects, and broad market connectivity, thereby supporting economic growth in the coming period.

Al-Marzouq also touched upon the strength of the banking sector in the GCC countries, explaining that total assets of commercial banks in the GCC reached approximately $3.9 trillion in 2025, while net foreign assets amounted to around $837 billion, according to data from the GCC Statistical Center.

He added that Gulf financial institutions benefit from the robustness of their balance sheets, the strength of their regulatory and supervisory frameworks, and high liquidity levels, which position them to play a pivotal role in developing Gulf-Asian partnerships by supporting cross-border investments, trade financing, and innovation in financial services.

Speaking about the advantages enjoyed by both regions, Al-Marzouq clarified that Asia offers extensive opportunities in technology and infrastructure, while Gulf Cooperation Council (GCC) countries possess long-term capital, strong risk management capabilities, and international expertise in Islamic finance. He further noted that the integration of these assets creates significant opportunities to support cross-border growth, attract new investments, and achieve shared prosperity.

Meanwhile, Al-Marzouq emphasized that the objective in the coming phase extends beyond facilitating financial and commercial transactions to building long-term partnerships. He stressed the importance of enhancing cooperation across various areas of the financial sector, including project financing, expanding sukuk markets, supporting new investment opportunities, and developing digital systems that strengthen economic interconnectivity between the two regions.

He added that the integration of the strong capital base of GCC countries with Asia’s technological innovation will contribute to building an integrated economic corridor that facilitates investment, stimulates innovation, and supports sustainable growth in both regions.