The 11th discussion session of the Program for Exploring Future Prospects for Joint Gulf Economic and Development Integration was held on Wednesday at the Kuwait Chamber of Commerce and Industry, under the title “The Role of the Private Sector in Economic Diversification.”
The session was organized by the General Secretariat of the Gulf Cooperation Council (GCC) in cooperation with the Ministry of Finance.
In his opening remarks, Saad Al-Alaati, Assistant Undersecretary for Technical Services at the Ministry of Finance, affirmed that the private sector has become a cornerstone in shaping economic policy and a key partner in realizing the development goals of Gulf states, reports Al-Rai daily.
He emphasized that empowering the private sector through supportive economic policies, robust infrastructure, and modern legislation is vital for ensuring a sustainable and competitive business environment.
Al-Alaati noted that the session provided an important platform to exchange perspectives on advancing public-private partnerships (PPPs) and identifying future opportunities in promising sectors such as the green economy, blue economy, and creative industries. These, he said, are essential to strengthening the foundations of economic diversification and achieving the GCC’s long-term vision for sustainable development.
He underscored that the strategic transformations underway across GCC economies demand true partnership between the public and private sectors, backed by an attractive legislative and regulatory framework to foster investment, innovation, and entrepreneurship—key drivers for growth, sustainability, and diversification of income sources.
For his part, Khalid Al-Sheikh, Director General of the Economic and Development Affairs Authority, described foresight as a scientific and systematic approach to analyzing trends, identifying opportunities and risks, and developing proactive policies that enhance decision-making and resource efficiency.
Al-Sheikh stressed that the private sector is the primary engine of growth, the foundation of innovation, and the largest creator of employment opportunities, citing World Bank data from 2024, which show that the private sector contributes over 80 percent of global GDP and generates more than 90 percent of jobs in developing countries.
He noted that the GCC’s national visions have placed strong emphasis on enabling the private sector to play a leading role in economic diversification, with non-oil activities contributing 71 percent of the GCC’s GDP in 2023, according to the Gulf Statistical Center.
Echoing this view, Imad Al-Zaid, Assistant Director General of the Kuwait Chamber of Commerce and Industry, highlighted that partnerships between the public and private sectors serve as a “lever for development and a major driver of change.”
He pointed to successful joint projects in renewable energy, infrastructure, and modern technology, noting that such collaboration reflects the integration of government vision and private innovation—paving the fastest path toward development.
Al-Zaid added that GCC economies are undergoing a profound digital transformation driven by artificial intelligence and emerging technologies, with the private sector increasingly investing in innovation, developing national talent, and building international partnerships. He affirmed that technological readiness is key to maintaining the region’s economic flexibility and competitiveness.
Meanwhile, Ayman Al-Hajji, Director of the Private Sector Projects Department at the Ministry of Electricity, Water and Renewable Energy, emphasized the effectiveness of public-private partnerships in accelerating major infrastructure projects.
He cited the Al-Zour North Power Plant Project (Phase One)—developed in partnership with Kuwait North Al-Zour Company—as a model of success in meeting timelines and obligations, while transferring modern technologies to the public sector
Al-Hajji explained that PPPs also reduce the financial burden on the public sector through innovative financing mechanisms involving local and international banks, thereby stimulating investment, technology transfer, and broader economic benefits.
The session was attended by representatives from public and private sector institutions in Kuwait, along with delegates from GCC chambers of commerce and industry, reaffirming the region’s shared commitment to advancing economic integration, innovation, and sustainable growth.
