HE the GCCSG: The GCC Countries are Making Sincere Efforts to Enhance Cooperation and Integration in Supporting and Encouraging Small and Medium-sized Enterprises

His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), affirmed that the Supreme Council, in the concluding statement of the AlUla Summit on January 5, 2021, emphasised the importance of continuing to support and encourage small and medium-sized enterprises (SMEs), believing in their vital role and contribution to the economies of the GCC countries.

This came during the fourth meeting between Their Excellencies the Ministers of Commerce and Industry of the GCC countries and Gulf entrepreneurs, on Wednesday, October 30, 2024, in the Qatari capital, Doha.  The meeting was chaired by His Excellency Shaikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry of the State of Qatar – president of the current session – and attended by Their Excellencies the Ministers of Commerce and Industry of the GCC countries.

At the beginning of his speech, His Excellency the Secretary General extended his highest thanks, appreciation, and gratitude to His Highness Shaikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar and the current president of the Supreme Council of the GCC, and to the Government and people of Qatar for hosting this blessed meeting, and for the facilities and support provided by the State of Qatar to ensure the success of the GCC’s work, and for the support and attention given to joint Gulf work by His Highness and Their Majesties and Highnesses, the leaders of the GCC countries for their wise guidance and keenness to support joint Gulf work.

His Excellency also praised the sincere efforts made by the GCC countries to enhance cooperation and joint integration in supporting and encouraging SMEs, which play a vital and crucial role in achieving the goals and focusing on the national vision of the GCC countries.

“Starting from the fact that SMEs constitute a fertile ground for talent and innovation, this qualifies them to grow into a leading role in improving the competitiveness of the economies of the GCC countries regionally and internationally, making them a primary source of job creation,” His Excellency stated.

Moreover, His Excellency the Secretary General pointed out that cooperation in the commercial field between the GCC countries has been a priority, receiving attention and guidance from Their Majesties and Highnesses, the leaders of the GCC countries since the beginning of the blessed journey of the Council in 1981.

“Their Majesties and Highnesses the GCC leaders have been keen to provide a comprehensive legislative environment to achieve inter-trade integration,” he stated.  He noted that, in the context of focusing on entrepreneurs and SMEs, a committee of officials responsible for entrepreneurship initiatives and the knowledge economy for SMEs in the GCC countries was established, under the Commercial Cooperation Committee of the Cooperation Council.

“Annual meetings are held between Their Excellencies the members of the Commercial Cooperation Committee, and entrepreneurs.  These meetings have resulted in recommendations and initiatives that the member states are working to implement.  An annual Gulf forum has been held in the Sultanate of Oman, the Kingdom of Saudi Arabia, and the State of Qatar, and will continue to be held in the remaining member states in the coming years.  These forums have presented several initiatives, most notably the adoption of a database for SMEs in the GCC countries, a study of business opportunities to create partnerships and blocs between these institutions, and the creation of a platform for Gulf entrepreneurs,” he explained.

“This platform provides the necessary data and information for Gulf entrepreneurs to understand supply and demand in the labour market, learn about investment opportunities in the region, and identify funding channels and supporting entities to enable them to develop and improve their businesses.  It will also serve as a platform for dialogue and consultation between entrepreneurs and investors to facilitate communication between entrepreneurs and investors, financiers, clients, and job seekers. The General Secretariat of the Cooperation Council is currently working on developing the second version of the platform next year,” he concluded.