The Ministry of Finance recently held its second dialogue with senior officials from Emirati companies operating in the Gulf Cooperation Council (GCC) countries, under the title: “Enhancing Economic Integration in the GCC Through the Common Gulf Market: Opportunities and Challenges for Emirati Companies.”
This initiative is part of the ongoing efforts to strengthen partnerships with the private sector and support economic integration within the GCC.
The discussion follows an initial dialogue held in September 2024, aimed at establishing effective communication channels with private sector representatives in the UAE and gathering their direct insights and suggestions regarding key challenges and opportunities in the Gulf markets.
Attendees included Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, Khalid Al Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the GCC General Secretariat, and Hamid Mohammed Bin Salim, Secretary-General of the Federation of UAE Chambers of Commerce and Industry.
Also present were Kuralay Kirabaeva, a senior economist at the International Monetary Fund, along with various officials from government entities and directors of chambers of commerce and industry, as well as representatives from Emirati firms in GCC countries.
Bridging Communication
Al Khouri emphasized that organizing this second dialogue with senior officials from Emirati companies in the GCC is a testament to the Ministry of Finance’s commitment to fostering communication and integration with the private sector, which plays a crucial role in driving development and enhancing the UAE’s competitiveness in Gulf markets.
He noted that the dialogue serves as an effective platform for exchanging opinions and proposing practical initiatives that support joint Gulf efforts, helping to accelerate the implementation of common market objectives and balancing regulatory frameworks with the needs of the private sector.
He further stated that under the guidance of government leadership, the Ministry of Finance is dedicated to developing tools for economic cooperation in the Gulf and believes in the importance of partnerships between the public and private sectors to achieve future aspirations.
He added that such dialogues promote transparency and support decision-making based on market realities and the requirements of Emirati investors in GCC countries.
Supporting Environment
Younis Al Khouri remarked that the Ministry of Finance is committed to listening to the proposals from national companies operating across various GCC markets, addressing the challenges they face on the ground, and discussing the best ways to enable their continued growth and expansion through a supportive economic and legislative environment that fosters innovation and investment.
Empowering the Private Sector
In his statement, His Excellency Ahmed Jassim Al Zaabi, Chairman of the UAE Federation of Chambers of Commerce and Industry, indicated that the second dialogue with senior officials from Emirati companies in the GCC reflects the strategic partnership between the Ministry of Finance and the Federation, as part of joint efforts to empower the Emirati private sector and enhance its contribution to the common Gulf market.
He explained that the dialogue focuses on discussing regulations and policies that support economic, trade, and investment activities in the member states, exploring avenues for their development in line with current requirements to facilitate business operations and ensure equal opportunities for Emirati companies.
Additionally, the dialogue aims to empower and enhance the role of the private sector in the Gulf market, activating its various fields to address challenges faced by companies and leverage available opportunities.
He emphasized that the private sector is a key partner in achieving sustainable economic development and enhancing the competitiveness of Gulf economies.
The Common Market
Ali Abdullah Sharafi, Assistant Undersecretary for International Financial Relations, stated that the meeting held with Emirati and Gulf companies operating in member states is part of the Ministry of Finance’s sustainable approach to support Emirati and Gulf private sector firms.
He clarified that this meeting is the second dialogue held with major Gulf and Emirati companies active within the common Gulf market framework.