RIYADH // A UAE delegation arrived in the Saudi capital on Thursday for a GCC economic meeting.
Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, headed the delegation that attended the first meeting of the GCC Economic and Development Affairs Authority in Riyadh.
Saudi Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, Second Deputy Premier and Minister of Defence, presided over the meeting.
He said that GCC countries as a bloc can become the world’s sixth-largest economy if they work properly in the coming years.
“Today we are trying to take advantage of these opportunities, especially as we are in an era marred by a lot of economic fluctuations in the world. Therefore, we need to work together in the era of blocs,’’ he said.
Participants discussed the latest economic and developmental trends regionally and globally, and reviewed progress made implementing resolutions, recommendations and agreements, reported Wam, the state news agency.
The authority was created to hasten coordination and integration among GCC countries in economic and development areas.
“It is time to make a paradigm shift in the economic development of the GCC countries that will improve quality of life, energise the GCC economy and sharpen its competitive and negotiating power, and increase its role in the global economy,” a statement from the authority said.
The authority stressed the need to empower existing economic sectors to stimulate growth, Wam said.
“The oil sector must be highly flexible and attractive to woo more investment and become more competitive.”