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The State of Qatar hosted the first meeting of the Preparatory Committee of the Council of Governors of Central Banks of the Gulf Cooperation Council countries, which took place today in Doha.
Hamad Ahmed Al Mulla, Assistant Governor of the Supervision Department at the Central Bank of Qatar, who chaired the meeting, praised the role and mandate of the Preparatory Committee, noting that it will provide a platform for the preparation and readiness of the Conference of the Governors of the Central Banks of the Gulf, in addition to following up and implementing their decisions and recommendations, and proposing joint topics and initiatives related to monetary and banking affairs.
In his opening speech, he stressed the importance of strengthening cooperation in line with the directives of the Gulf Central Bank Governors and their recommendations on the need to ensure financial market stability and achieve common economic goals, as they stressed the exchange of experiences and the development of effective policies to build a strong and resilient financial system.
Mula stressed that the first meeting of the Preparatory Committee comes at a time when challenges are accelerating and opportunities are emerging, necessitating the need to keep pace with these developments.
The Assistant Governor of the Supervision Department at Qatar Central Bank noted that the discussions at the first meeting of the Preparatory Committee for the 83rd (83rd) Meeting of the Committee of Governors of Central Banks of the Gulf Cooperation Council countries, which will be held next month, will result in a roadmap that includes the most salient themes raised during the meeting of the Committee of Governors of the Gulf Central Banks.
Mulla noted that these discussions will contribute to the development of effective strategies to enhance the financial and economic stability of the region and in a way to achieve a qualitative transformation of the financial sector, which is undergoing a fundamental transformation due to the growth of modern technologies and the use of artificial intelligence and its application in financial services.
Similarly, His Excellency Mr. Khalid bin Ali bin Salim Al Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the General Secretariat of the Gulf Cooperation Council, said that all necessary measures are needed to meet the challenges posed by the global economic crisis, adding that the Council plays a prominent role in achieving economic interconnection among the Council members, especially in the monetary and banking fields, which contributes to greater economic reconciliation, and stressed that the municipalities of the cooperating countries enjoy strong factors that can be invested in development, such as economic diversification, technological progress and geographical location.
He pointed out that the latest released economic data confirms that the economies of the GCC countries are expected to grow by 3.6% this year and 3.7% in 2025, outperforming major global economies. The global report also shows that the non-oil sector will grow by 3.7%, leading the economic growth of the council countries.
It is noteworthy that the establishment of the Preparatory Committee was approved during the eighty-second (82nd) meeting of the Committee of Governors of Central Banks of the GCC countries, hosted by the State of Qatar in March last year, which is the current Chair of the GCC meeting.
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