GCC countries, US affirm commitment to supporting economic recovery efforts

The leaders of the GCC countries and the US met today, July 16, in Jeddah, upon an invitation from the Custodian of the Two Holy Mosques King Salman.  

The GCC countries and the US affirmed, in a joint statement, their commitment to boosting cooperation and support of the international economic recovery efforts, as well as addressing the negative economic effects of the coronavirus pandemic and Russia-Ukraine war. They also affirmed their commitment to ensuring the flexibility of supply chains, security of food and energy supplies, as well as developing clean energy sources and technologies. 

In addition, the leaders affirmed their historical partnership and determination to complete the achievements of previous summits to enhance cooperation, coordination and consultation. 

The US welcomed the decision of the Arab Coordination Group, which includes 10 national, Arab and specialized development financing institutions, on providing no less than $10 billion, for the purpose of responding to regional and international food security challenges. The leaders also welcomed the US declaration on providing an additional $1 billion to meet the urgent short- and long-term food security needs of the MENA region. 

Further, the leaders commended the ongoing efforts of OPEC+ to stabilize global oil markets, serve the interests of producers and consumers as well as support economic growth. They also welcomed the recent decision of OPEC+ to increase oil output for July and August, and expressed appreciation for the Kingdom’s leading role in achieving consensus among the OPEC+ members. 

US President Joe Biden welcomed the plan declared by some GCC countries to invest $3 billion in projects aiming to achieve the objectives of the he Partnership for Global Infrastructure and Investment declared by the US, as well as to invest in major infrastructure projects in low and medium-sized countries.  

Biden also expressed appreciation for the donation of $100 million from the Gulf Cooperation Council to support the East Jerusalem Hospitals Network, which provides essential and life-saving health care to Palestinians in the West Bank, Gaza and East Jerusalem.