Your Excellencies,

It is my pleasure to welcome you all to the UAE and I hope that this meeting is fruitful and successful. Firstly, I would like to offer my condolences to the Custodian of the Two Holy Mosques HRH King Abdullah Ibn Abdul Aziz Al Saud, and the people of the Kingdom of Saudi Arabia, on the passing of HRH Prince Sultan Bin Salman Bin Abdulaziz Al-Saud.

The 91st GCC Financial and Economic Committee Meeting is being held in light of important international and regional events. The global economy is facing a number of challenges and mistrust, due to a number of factors including  risks associated with sovereign debt, lack of international economic development, and high rates of unemployment. All these factors present negative expectations for the global economy, forecasting a long-term recession.

Despite the negative consequences experienced in the GCC due to the global financial crisis, the region’s financial policies have begun to produce positive effects as a result of increased government spending in areas such as infrastructure. There has also been a focus on ensuring the efficiency of government spending, the encouragement of local and foreign private investments, and improving the economy’s competitiveness, where the rates of the capitalization of national banks for the GCC are considered to be the highest in terms of financial appropriateness globally.

It is important to note that all GCC states play a key role in achieving stability for the global financial system through applying long-term investments for sovereign funds. GCC states also play a vital role in oil and gas markets, where they own more than 70% of OPEC’s crude oil and have expressed their willingness to support global markets to achieve stability for international oil prices and the global economy.

The UAE had proposed an initiative to create a new development agenda with social and economic elements for Arab countries on September 7, 2011, which will be further discussed in Marrakesh in 2012. The initiative reflects the UAE’s commitment towards Arab development and to partnerships with international and regional institutions, and donor countries.

Your Excellencies,

Your agenda contains a number of items, which require your recommendations. We also ask members of the GCC General Secretariat to provide us with regular reports on the effects of global financial and economic events on the GCC region.

I hope that this meeting results in important decisions that support economic integration efforts, the Gulf Common Market, and local and regional economic blocs.

Thank You.

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