Senior officials, legislators and experts gathered yesterday to discuss some of the region’s most pressing economic and social transformations, including the rise of digital currencies and artificial intelligence as well as shifting labour markets.
The GCC Supreme Council’s Advisory Commission held its first meeting of the new session yesterday at the Four Seasons Hotel Bahrain Bay, under the chairmanship of Dr Shaikha Mariam bint Hassan Al Khalifa.
Foreign Minister Dr Abdullatif Al Zayani, GCC Secretary-General Jassim Al Budaiwi and members of the advisory body were present.
In his opening remarks, the commission’s outgoing chairman, Nasser Al Roudan, praised Bahrain’s development and stability under the leadership of His Majesty King Hamad and the guidance of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister.
He thanked Dr Al Zayani for attending the session and commended the General Secretariat of the GCC for its continuous support, before formally handing over the presidency of the commission’s 29th session to Dr Shaikha Mariam.
Dr Shaikha Mariam said the commission carries a ‘great responsibility’ to meet the aspirations of GCC leaders and citizens by providing well-researched views on vital issues linked to sustainable development.
The commission is continuing work on four key studies mandated by the 46th GCC Supreme Council – activating the role of the advisory commission, the future of Gulf strategic approaches to digital currencies, the impact of digital and technological transformation on labour markets and ways to curb conspicuous consumption in Gulf societies.
Dr Shaikha Mariam said the commission is keen to present recommendations that support job creation, protect workers and align education systems with future market needs.
She expressed confidence that the technical committees would produce ‘high-quality, practical outcomes’ that strengthen the commission’s role and support GCC leaders’ vision for deeper integration and sustainable growth.
The commission will continue its deliberations in future meetings before submitting its studies and recommendations to the GCC Supreme Council for consideration.
Dr Al Zayani conveyed the greetings of His Majesty King Hamad, who is President of the current GCC Supreme Council session, and HRH Prince Salman, wishing the meeting success in strengthening Gulf co-operation and integration.
He reaffirmed Bahrain’s full support for the advisory commission, praising its valuable studies since its establishment and their contribution to shaping GCC-level decisions.
Mr Al Budaiwi underlined the ‘pivotal role’ of the advisory commission, noting that it has produced more than 62 studies on a wide range of strategic topics, many of which have been translated into joint action plans.
Parliament’s foreign affairs, defence and national security committee chairman Hassan Bukhammas, who is also a member of the advisory commission, said conspicuous consumption had become an increasingly visible phenomenon in the region that requires collective action.
“We need policies that encourage financial literacy, promote savings and limit misleading commercial practices that push people towards excessive and unnecessary spending,” he said.
He added that the commission’s study aims to propose practical mechanisms that can be adopted by GCC governments, including incentives for responsible consumption, stronger regulation of consumer credit and region-wide awareness campaigns.
Meanwhile, Parliament’s financial and economic affairs committee chairman Ahmed Al Salloom, who also heads the advisory commission’s digital currency committee, said work is progressing on preparing clear frameworks for Gulf approaches to digital currencies.
“The region recognises that digital currencies and financial technologies are no longer future concepts; they are a present reality,” Mr Al Salloom said.
“We are currently drawing up regulatory and legislative frameworks that balance innovation with financial stability, consumer protection and anti-money laundering requirements, and these frameworks are expected to be completed before the end of this year.”
Members also discussed the impact of digital transformation on labour markets, including automation, artificial intelligence and the need for upskilling national workforces.
mohammed@gdnmedia.bh
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