The UAE Ministry of Finance organized its inaugural dialogue with senior officials from over 80 national companies operating within the GCC. This event aimed to address key updates on economic integration efforts in the Gulf, including the Gulf Common Market and Customs Union. The dialogue emphasized opportunities for further collaboration and the role of private sector companies in driving economic growth.
The event gathered prominent officials, including H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, alongside key figures from the Ministries of Finance, Economy, Industry, Advanced Technology, and the Federal Authority for Identity, Citizenship, Customs, and Ports Security. National companies, along with representatives from various government entities, took part in discussions on enhancing financial and economic collaboration.
Progress Toward Gulf Economic Integration
During the dialogue, participants discussed the progress of joint economic efforts, highlighting the opportunities and challenges within the Gulf Common Market and Customs Union. Presentations were delivered by officials from the Ministry of Finance and related bodies, offering updates on the economic integration process that began with the signing of the Unified Economic Agreement.
H.E. Mohamed bin Hadi Al Hussaini remarked, “This dialogue reflects the Ministry’s ongoing efforts to open new avenues for cooperation and expand partnerships with all stakeholders, supporting Gulf economic integration. Economic and financial integration is crucial for achieving shared progress and prosperity.”
Al Hussaini further emphasized the importance of collaboration between national companies operating within the GCC, stating, “National companies play a pivotal role in driving economic development, showcasing the strength and diversity of our economies.”
Customs Union and Gulf Common Market
The event also focused on key projects essential to the Customs Union and the Gulf Common Market. Officials provided updates on 20 ongoing projects, noting an average completion rate of 67%. These projects include a unified list for the description and coding of goods, standardizing customs procedures for security, and the development of a customs data model aligned with international standards.
Participants stressed the need for further harmonization of non-tariff restrictions and efforts to unify monetary and financial policies across GCC countries.
Role of the Private Sector
Private sector involvement in advancing economic integration was a focal point of the discussion. Speakers highlighted the importance of public-private partnerships and how removing trade barriers and fostering regular economic dialogues could boost the competitiveness of GCC economies.
By strengthening collaboration between governments and national companies, the dialogue underscored the potential for private-sector-led initiatives to support infrastructure development and innovation across the Gulf region.
