GCC-Asia economic partnership key to investment and infrastructure, says GCC chief

Jasem Mohammed Albudaiwi, Secretary-General of the Gulf Cooperation Council (GCC), has emphasized that the economic partnership between GCC states and Asian countries forms a strategic pillar for strengthening economic and investment cooperation, expanding financial and banking integration, and developing digital infrastructure. He said these efforts contribute to sustainable development and promote shared growth and prosperity between the two sides.

Albudaiwi made his remarks during the opening of the Gulf-Asia Economic Forum, held on Wednesday, October 14, 2026, in Bangkok, Thailand, under the theme “Banking, Investment, and Digital Infrastructure.” The event was organized by the Kuwait Banking Association and the Asian Bankers Association, on the sidelines of the 2026 annual meetings of the International Monetary Fund and the World Bank Group, and brought together leading decision-makers and representatives from financial, investment, and technology institutions across the GCC and Asia.

At the start of his speech, the Secretary-General expressed his appreciation to the Kuwait Banking Association and the Asian Bankers Association for organizing the forum, describing it as an important platform to enhance economic dialogue, explore promising investment opportunities, and develop partnerships between financial and economic institutions on both sides.

Albudaiwi noted that the global economy is undergoing rapid transformations, with geopolitical developments intersecting with changes in trade, investment, and technology. This, he said, underscores the importance of building reliable economic partnerships capable of meeting challenges, ensuring sustainable finance and trade, and opening broader horizons for economic growth.

The Secretary-General pointed out that GCC economies have demonstrated their ability to address various economic and financial challenges, thanks to prudent economic and fiscal policies guided by the leaders of the GCC states, as well as strong financial reserves, robust banking sectors, ongoing efforts to diversify economies, infrastructure development, and deepening Gulf economic integration.

He stressed that the longstanding historical and trade relations between the GCC and Asian countries provide a solid foundation for building long-term economic and investment partnerships. Albudaiwi noted that the integration of Gulf financial and investment capabilities with Asia’s industrial, technological, and market potential offers wide opportunities for launching joint projects that facilitate knowledge transfer, localize technology, and enhance economic value.

Albudaiwi added that the economic diversification programs implemented by GCC countries create growing opportunities for Asian companies and institutions to participate in major development projects, while Asian markets offer promising prospects for Gulf institutions to expand their investments and international partnerships.

Discussing future areas of cooperation, the Secretary-General highlighted three main tracks to strengthen the economic partnership. The first is the logistics and infrastructure sector, by enhancing connectivity between ports and economic centers, and developing transport and storage networks to facilitate trade flows, improve supply chain efficiency, and boost resilience.

He said the second track focuses on digital infrastructure and artificial intelligence, through expanding joint investments in data centers, cloud services, and advanced technology applications, as well as sharing expertise and knowledge to increase institutional productivity, improve service efficiency, and support digital transformation in both economies.

The third track, Albudaiwi explained, centers on enhancing financial and banking cooperation by expanding trade and project financing, developing joint investment platforms, strengthening capital market linkages, and facilitating cross-border payments. He emphasized that reliable and efficient financing is essential to turning economic opportunities into viable investment projects.

The Secretary-General reviewed several economic and financial indicators reflecting the strength of GCC economies and their ability to lead broad international investment partnerships. Citing the latest data from the GCC Statistical Center, he stated that the assets of Gulf sovereign wealth funds are estimated at about $5.2 trillion, while the market capitalization of GCC financial markets reached around $4 trillion by the end of June 2026.

Albudaiwi added that the total assets of commercial banks operating in the GCC stood at approximately $4.1 trillion by the end of June 2026, while the net foreign assets of Gulf central banks reached about $829 billion during the same period. He affirmed that these indicators reflect the financial and economic strength of GCC states, their ability to finance long-term investments, support business growth, and build sustainable economic partnerships.

The Secretary-General stressed the importance of moving the Gulf-Asia partnership from the stage of exploring opportunities to the actual implementation of joint projects and investments, by enhancing direct communication between economic and financial institutions, identifying priority investment opportunities, and setting practical steps for their development. He also highlighted the pivotal role of the private sector in supporting innovation and turning economic initiatives into tangible development projects.

In conclusion, Albudaiwi affirmed that the shared economic interests and complementary capabilities of the GCC and its Asian partners provide a solid base for advancing economic relations to higher levels. He emphasized the importance of turning opportunities into investments, relationships into projects, and cooperation into shared prosperity, to achieve mutual interests and support sustainable economic growth.

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