Al-Jadaan says GCC states face challenge of reducing oil dependence

The 122nd meeting of the GCC Financial and Economic Cooperation Committee

Mohammed Al-Jadaan, Saudi Minister of Finance, said that while each GCC country has different economic needs and plans, they all face the challenge of reducing dependence on oil revenues.

In his speech during the 122nd meeting of the GCC Financial and Economic Cooperation Committee, Al-Jadaan explained that Saudi Arabia has implemented financial reforms under Vision 2030 to diversify its economy and reduce reliance on oil revenues. Similar initiatives are being taken across the GCC.

The GCC countries share both opportunities and challenges, therefore close cooperation at the local and international levels directly benefits the GCC nations and contributes to achieving their common goals, enhancing their global standing.

Al-Jadaan also highlighted the challenges facing the global economy, including rising geopolitical tensions and slowing global growth, noting the role of the International Monetary Fund (IMF) in collaboration with other financial institutions in mobilizing multilateral international cooperation to overcome these challenges.