GCC willing to take every step possible to be business friendly: Al-Jadaan

GCC willing to take every step possible to be business friendly: Al-Jadaan

The Gulf Co-operation Council (GCC) has long-term plans and is "willing to take every step possible" for investors to do business in the region, which has become a bright spot in the world, according to Mohamed al-Jadaan, Saudi Arabia's Finance Minister."We are willing to take every step possible to make it easier for investors to do business in the region, that we are willing to do a lot of structural changes, including actually making it very predictable," he told the Qatar Economic Forum, Powered by Bloomberg.Highlighting that resource richness brings with it the dependence on oil revenues, he said the region is now marching towards a proper sustainable diversified economy that enables the private sector, utilises the demography of young population who are technology savvy and who can be inventors, entrepreneurs and investors of the future.Speaking at a panel “Reshaping Middle East Economies” at the forum in Doha, he asked policy makers to optimise the strategies to curb “economic leakage” and prevent resources or fund from being wasted.Suggesting prudent fiscal policies, he said spending at a time of global inflation results in increased project costs, which would further fuels inflation and “overheat” economy.He said Saudi Arabia's gross domestic product has