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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Today.. The 45th Gulf Summit kicks off in Kuwait

    Rocky
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    Today.. The 45th Gulf Summit kicks off in Kuwait Empty Today.. The 45th Gulf Summit kicks off in Kuwait

    Post by Rocky Sun 01 Dec 2024, 5:06 am

    Today.. The 45th Gulf Summit kicks off in Kuwait

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    Economy News - Follow-up
    [rtl]The 45th Gulf Cooperation Council Summit kicks off today, Sunday, in the State of Kuwait.[/rtl]
    [rtl]Since May 25, 1981, the Gulf Cooperation Council has held 44 summits hosted by all member states, with the attendance of their leaders or their representatives. All of them have produced results that focus on the need for their peoples to unite, enhance stability, and achieve development throughout the GCC.[/rtl]
    [rtl]The summit hosted by Kuwait today will be the eighth summit held in the country and coincides with the 45th session of the Supreme Council of the Gulf Cooperation Council.[/rtl]
     
    [rtl]Historical relations[/rtl]
    [rtl]In this context, Minister of Information and Culture and Minister of State for Youth Affairs Abdulrahman Al-Mutairi stressed Kuwait's keenness to organize what befits Kuwait's regional status and the deep-rooted historical relations between the Gulf Cooperation Council countries.[/rtl]
     
    [rtl]Minister Al-Mutairi said in an interview with Al-Eqtisad News during the opening of the media center accompanying the summit, "We are keen to provide the best organization and reception that reflects the strong ties and extended fraternal relations between the Gulf Cooperation Council countries."[/rtl]
    [rtl]‎[/rtl]
    [rtl]He added, "This summit is an opportunity to confirm our belief in a single destiny and joint action to achieve a prosperous future full of successes and achievements that represent the lofty goals of the Cooperation Council."[/rtl]
     
    [rtl]He explained that the relations between Kuwait and its brothers in the Gulf Cooperation Council are deep and rooted in history, stressing that these relations have become a model to be emulated in regional cooperation.[/rtl]
    [rtl]‎[/rtl]
    [rtl]He stated that "what distinguishes our Gulf relations is the uniqueness that has enabled a qualitative shift in various fields, while transforming the common history into unified action that serves fateful issues and enhances the progress of the Cooperation Council."[/rtl]
     
    [rtl]He pointed out that "the center includes an accompanying media exhibition consisting of seven pavilions, six of which are dedicated to member states and one pavilion for the General Secretariat. The exhibition aims to shed light on the journey of the GCC countries, their historical achievements, and the most important common issues of interest to the peoples of the region."[/rtl]
     
    [rtl]GCC countries have sovereign wealth funds worth $4.4 trillion [/rtl]
    [rtl]Meanwhile, the Secretary-General of the Gulf Cooperation Council, Jassim Al-Budaiwi, revealed that the negotiations of the GCC countries with China on the free trade agreement have reached the final stage, hoping to complete the agreement in December or in the near future. This came during the open meeting with the media delegations. Al-Budaiwi said that since its establishment, the GCC has held a series of meetings and a summit, and two summits are expected to be held next year to enhance the partnership with Asian countries, noting that there are many requests to hold meetings with the Gulf Cooperation Council.[/rtl]
     
    [rtl]Al-Badawi stated that the GCC countries have a clear policy, so there are groups that request partnership with us. They are the first in the world in crude oil production, the first in oil reserves, the second in natural gas marketing, the first in human development, advanced in the competitiveness index, high per capita share, distinctive numbers, and possess huge investment funds of 34 percent worldwide. [/rtl]
     
    [rtl]Electrical connection[/rtl]
    [rtl]Regarding joint projects between the Gulf countries, he said that there is a railway project and an electrical interconnection project that will achieve financial savings and enhance the instantaneous power outage in seconds and it is fully operational. He stressed that there is no doubt that the Gulf Cooperation Council countries are working towards the establishment of the Arab League and we are key players in the League to lead efforts including the Bahraini initiative to hold a conference to resolve the Palestinian issue, which we call for and support to implement international resolutions. [/rtl]
    [rtl]The economic aspect [/rtl]
     
    [rtl]He explained that the GCC countries are the first in oil production with a production of 16,440 barrels per day, noting that the oil reserves are estimated at 511 million barrels, and that they are ranked second globally in natural gas production. He mentioned that the financial value of the Gulf stock markets amounts to 4 trillion dollars, and that the Gulf economy is ranked 12th with a gross domestic product of 2.1 trillion dollars, and that it owns 34 percent of the world's investments, which are expected to reach 6 trillion in 2050.[/rtl]
     
    [rtl]He said: The GCC countries are working diligently to implement the decisions of the Arab League and we are key players in them. He called on the international community to assume its responsibilities and implement the Security Council decisions in light of the policy of intransigence of the occupation authority. [/rtl]
     
    [rtl]He added: Israel's position does not take into account any international resolution or appeal, and we hope that what happened in Lebanon and Gaza will be reflected, noting that the Arab Gulf states are making political and humanitarian efforts to reach a solution to the Palestinian issue.[/rtl]
     
    [rtl]Sovereign wealth[/rtl]
    [rtl]He explained that in 2022, the Gulf economy grew 7 times more than the global economy, and the per capita share of the gross domestic product in the GCC countries is three times higher than the global average per capita share. [/rtl]
     
    [rtl]Al-Badawi stressed that the GCC countries have sovereign wealth funds with assets amounting to about $4.4 trillion, equivalent to 34% of the total assets of the 100 largest sovereign wealth funds in the world. [/rtl]
     
    [rtl]Regarding the GCC railway project between the GCC countries, he stressed that the project enjoys special patronage from the leaders of the GCC countries, expecting that the project, if launched in 2030, will lead to increased communication and cooperation between the GCC countries. Regarding the electricity interconnection project between the GCC countries, Al-Badawi said that the project aims to address the loss of generation capacity in emergency situations, reduce carbon emissions, and reduce the costs of establishing fiber optic networks. [/rtl]
     
    [rtl]He stressed that the project has achieved economic savings exceeding 3 billion dollars since its establishment, and has supported more than 2,500 outage cases and provided immediate support in the event of a network outage for a period not exceeding 3 seconds.[/rtl]


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