Shura Council Participates in Gulf Parliamentary Symposium

20 February 2023

The Shura Council participated via videoconferencing in the General Secretariat of the Cooperation Council for the Arab States of the Gulf (GCC) titled "The Role of the Gulf Legislative Councils in Consolidating Intra-Investment and Supporting the National Economy."

The symposium dealt with the Gulf investment climate and its integration frameworks, the nature of intra-regional investments, foreign direct investment flows, and the evaluation of the current unified Gulf legislation to encourage and attract investment, as well as the role of Gulf councils in developing appropriate legislation for investment fields related to renewable energy, green economy and climate.

In his speech during the symposium, HE Mohammed bin Mahdi Al Ahbabi, member of the Shura Council, touched on opportunities to promote and consolidate intra-investment, the role of legislative councils in it, challenges facing the growth and increase of intra-investment and prospects for their solution by legislative councils.

He pointed to the interest of the GCC countries in consolidating intra-investments based on the keenness of their leaders and their belief in the importance of economic development, joint Gulf action and integration projects.

He reviewed the advantages of the Gulf countries, including the investment climate, the societal and cultural homogeneity due to the unity of religion and language, kinship, appropriate infrastructure, and economic legislations in line with the GCC goals and objectives.

Also, His Excellency pointed to the challenges and obstacles that prevent achieving growth and increasing the volume of intra-investments, including the weakness of economic feasibility studies due to the lack of information that helps in evaluating projects, pointing out the most important measures that must be taken to overcome these challenges.