GCC ministers launch Unified Investor Engagement Platform
KUWAIT:In a significant step to enhance communication between governments and the private sector, Gulf Cooperation Council (GCC) member states officially launched the Tawasul initiative during a series of ministerial meetings held in Kuwait on Tuesday. The new platform aims to facilitate real-time engagement between investors and government bodies across the region, creating a unified and transparent interface to support trade and investment.
The Sultanate of Oman participated in the meetings with a high-level delegation led by Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. The delegation also included Dr Saleh bin Saeed Masan, Under-Secretary for Commerce and Industry, alongside officials from the SME Development Authority, Consumer Protection Authority, and Oman's diplomatic mission in Kuwait.
Launched during the 13th Consultative Meeting between GCC Ministers of Commerce and Industry and the heads of chambers and business federations, Tawasul is designed to close long-standing communication gaps and promote better coordination on economic policy. Officials described the platform as an important policy innovation that positions the private sector as a partner in shaping the region's economic future. Through a shared mechanism and interactive digital tool, Tawasul will enable fast responses to investor concerns and help uncover market opportunities across Gulf economies.
GCC ministers launch Unified Investor Engagement Platform
The platform's launch came amid broader discussions on regional integration, trade facilitation, and economic equity. Ministers warned against unilateral measures taken by some GCC countries that could hinder private sector participation and undermine efforts to establish a level playing field for Gulf investors. They stressed the need to uphold decisions of the GCC Supreme Council and ensure equal treatment of citizens across all member states.
In parallel, the 68th meeting of the GCC Commercial Cooperation Committee addressed several key policy areas, including the adoption of a unified methodology for drafting commercial legislation, updates on national trade laws, the development of the GCC Commercial Arbitration Center, and funding strategies for SME and entrepreneurship programmes. The committee also reviewed progress in ongoing free trade negotiations with international partners.
The 54th meeting of the GCC Industrial Cooperation Committee focused on issues related to industrial development and self-sufficiency. Ministers examined the implementation of a unified framework for defining 'national products,' penalties for non-compliance, and updates on exempted product lists. They also reviewed the Gulf Organization for Industrial Consulting's (GOIC) efforts to update the Unified Industrial Development Strategy and enhance data-sharing through a regional electronic platform. A special report was presented on the potential impacts of US tariffs on Gulf exports.
Separately, the 9th session of the Ministerial Committee for Standardization saw the adoption of new technical regulations, approval of the final accounts of the Gulf Standardization Organization for 2024, and discussions on improving the regulatory status of the GCC Accreditation Center. These efforts are intended to harmonize standards and promote greater integration of Gulf markets.
The meetings concluded with a strong call to reinforce the role of the private sector in regional development, supported by practical steps such as streamlining customs procedures and prioritizing GCC-certified firms in cross-border trade. The Tawasul initiative, in particular, is expected to act as a strategic bridge, ensuring that private investors are included in the region's long-term economic vision.
The sessions were attended by Jassim Mohammed al Budaiwi, Secretary-General of the GCC, ministers of commerce and industry from all member states, senior government officials, and representatives of Gulf business chambers and federations.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
an hour ago
- Arabian Business
Israel-Iran conflict: UAE, Kuwait, Bahrain, Oman, Qatar call for dialogue following US strikes on nuclear facilities
The United Arab Emirates (UAE), Kuwait, Bahrain, Oman, Qatar, and the Gulf Cooperation Council (GCC) have issued separate statements expresseing concern following the United States' confirmed strikes of three Iranian nuclear facilities – an action described by US President Donald Trump as a ' successful ' strike in coordination with Israel. The operation, which marks a significant escalation in the conflict between Iran and Israel, has prompted regional calls for restraint and diplomacy. The UAE called for immediate de-escalation and emphasised the importance of diplomacy to prevent further regional instability. It also appealed to the United Nations and the Security Council to act responsibly in addressing the crisis. Kuwait 'expressed its deep concern,' and reaffirmed its condemnation of actions against Iran's sovereignty and called for political solutions. Bahrain echoed this sentiment, encouraging peace talks between the US and Iran. Oman condemned the US strikes, calling them a violation of international law, and highlighted the risk of radioactive contamination from attacks on nuclear facilities. Qatar further warned of 'catastrophic consequences' and urged all parties to exercise restraint. However, Saudi Arabia's Nuclear and Radiological Regulatory Commission confirmed no radiological effects had been detected within the Kingdom or other GCC countries. The Gulf Cooperation Council (GCC) also released a statement reiterating calls for de-escalation and diplomatic engagement. Secretary-General Jasem Mohamed Albudaiwi warned the situation threatens regional stability and emphasised the need for restraint from all sides. Iran nuclear sites hit by US bombers in major escalation In a joint air campaign dubbed Operation Midnight Hammer, US military officials confirmed the use of 125 aircraft, including seven B-2 stealth bombers. Among the targeted sites were the Fordo uranium enrichment plant, and facilities at Natanz and Isfahan. General Dan Caine, chairman of the joint chiefs of staff, said initial assessments indicated 'extreme damage and destruction' at all three sites, the BBC reported. The Fordo facility, located deep beneath a mountain south of Tehran, is considered critical to Iran's nuclear programme. Due to its depth, the US deployed GBU-57 Massive Ordnance Penetrators, or 'bunker buster' bombs, which weigh 13,000kg and are capable of penetrating deep layers of concrete and earth, the report said, adding fourteen such bombs were used in the strikes. Iranian officials have confirmed the strikes but claimed the damage was limited, saying key materials had been removed in advance. The Atomic Energy Organization of Iran described the attacks as a violation of international law. Within hours of the US strike, Iran launched retaliatory missile strikes targeting parts of Tel Aviv and Haifa, injuring at least 86 people. Iranian Foreign Minister Abbas Araqchi stated that Tehran reserves the right to respond, accusing President Trump of betraying earlier promises to avoid entanglement in Middle East conflicts, the report added. 'There are many targets left,' says US President Donald Trump President Trump addressed the nation flanked by senior officials, warning Iran of 'far greater' future strikes if a diplomatic resolution is not reached. He said, 'There are many targets left,' and stressed that the US action aimed to counter a growing threat. International reactions have varied. UK Prime Minister Sir Keir Starmer said the US took action to 'alleviate' the 'grave threat' posed by Iran's nuclear programme, and urged Iran to return to negotiations, in an X posst. Iran's nuclear programme is a grave threat to international security. Iran can never be allowed to develop a nuclear weapon and the US has taken action to alleviate that threat. The situation in the Middle East remains volatile and stability in the region is a priority. We call… — Keir Starmer (@Keir_Starmer) June 22, 2025 The United Nations Secretary-General António Guterres warned of dangerous escalation, while the EU urged all sides to resume talks. I am gravely alarmed by the use of force by the United States against Iran today. This is a dangerous escalation in a region already on the edge – and a direct threat to international peace and security. There is a growing risk that this conflict could rapidly get out of… — António Guterres (@antonioguterres) June 22, 2025 India and Russia also responded. Indian Prime Minister Narendra Modi called for dialogue, while Russian politician Dmitry Medvedev criticised the strikes, accusing Trump of igniting a new war. Spoke with President of Iran @drpezeshkian. We discussed in detail about the current situation. Expressed deep concern at the recent escalations. Reiterated our call for immediate de-escalation, dialogue and diplomacy as the way forward and for early restoration of regional… — Narendra Modi (@narendramodi) June 22, 2025 What have the Americans accomplished with their nighttime strikes on three nuclear sites in Iran? 1. Critical infrastructure of the nuclear fuel cycle appears to have been unaffected or sustained only minor damage. — Dmitry Medvedev (@MedvedevRussiaE) June 22, 2025 The crisis follows an Israeli attack on June 13 targeting Iranian nuclear and military sites. Iran responded with drone and rocket strikes, sparking a cycle of escalation. Although nuclear negotiations had been underway between the US and Iran, Trump's recent strikes came earlier than the two-week timeline he had previously indicated.
Zawya
3 hours ago
- Zawya
Oman to introduce 5% income tax on high earners from 2028
Muscat – Oman will implement a 5% income tax on individuals with annual earnings exceeding RO42,000 starting January 2028, marking a milestone in the sultanate's fiscal reform agenda and the first such measure in the GCC. The new tax regime, outlined in a law comprising 76 articles across 16 chapters, aims to broaden revenue streams while ensuring that most citizens remain unaffected. Karima bint Mubarak al Saadiya, Director of the Individual Income Tax Project at the Tax Authority, said that all preparations for the rollout have been completed. She confirmed that executive regulations will be issued within a year of the law's publication in the Official Gazette. 'Guidelines for individuals and legal entities are being prepared and will be released in line with an approved timeline,' she added. According to the Tax Authority, only about 1% of the population is expected to fall within the taxable bracket, based on income data gathered from multiple government entities. The exemption threshold has been set deliberately to shield the majority of citizens from taxation. The measure is part of Oman's wider plan to strengthen public finances and reduce reliance on oil revenue, aligning with broader economic diversification goals under Oman Vision 2040. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Gulf Today
3 hours ago
- Gulf Today
GCC, Arab League warn of consequences of escalation in region
Gulf Cooperation Council (GCC) General Jasem Mohamed Albudaiwi emphasised that the events in the region on SUnday, including the direct targeting of Iranian nuclear facilities by the United States, will escalate tensions and impact regional security and stability. He also stated that the GCC reaffirms the statement issued at the 48th Extraordinary Ministerial Meeting of the GCC Ministerial Council regarding regional developments and reiterates its condemnation of anything that threatens the security and stability of the region. Albudaiwi also stressed the need for an immediate ceasefire, for all parties to make joint efforts to de-escalate tensions, to adopt diplomacy as an effective means of resolving conflicts, and to exercise the highest levels of self-restraint to spare the region and its people the dangers of war. Meanwhile, the Arab League announced that it is following with great concern the developments following the US strikes on Iran, expressing its condemnation of any military actions that violate the sovereignty of states. In a statement on Sunday, the Arab League stressed that the current escalation will only lead to an endless cycle of ongoing violence, and tension with negative repercussions on regional and international security and stability. The Arab League called on all parties to exercise the utmost restraint and refrain from being drawn into paths of escalation, stressing that diplomatic solutions remain the only way to address controversial issues. WAM
