GCC says financial integration boosts economic ties and growth
The Gulf Cooperation Council highlights tangible achievements in financial integration, strengthening member economies and opening new horizons for growth.
Key Takeaways
AIThe Gulf Cooperation Council has stated that financial and banking integration among its member states has achieved tangible results, strengthening the interconnectedness of their economies and opening up broader prospects for growth and prosperity.
The council explained that the GCCNET system links ATMs and point-of-sale terminals across the Gulf, enabling fast and secure use of bank cards. It also highlighted the "Afaq" system, which facilitates instant, low-cost money transfers between GCC countries.
The council noted that the Gulf financial and banking sector is seeing expanded integration, with more than 30 licensed Gulf banks operating within the bloc—a 66.7% increase compared to 2007.
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The council emphasized that this integration goes beyond statistics and figures, serving as a foundation for enhancing economic and financial cooperation among Gulf states.