The UAE Top Diplomat commended the GCC General Secretariat for its efforts in fostering stronger regional and international cooperation…reports Asian Lite News
H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, met today in Abu Dhabi with Jasem Mohamed AlBudaiwi, Secretary General of the Gulf Cooperation Council (GCC).
During the meeting, they discussed several topics related to the progress of Gulf cooperation drive, in addition to regional and international issues of mutual interest, notably the latest developments in the Middle East.
The UAE Top Diplomat commended the GCC General Secretariat for its efforts in fostering stronger regional and international cooperation among GCC states, aligned with their shared goals of comprehensive and sustainable development.
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Sheikh Abdullah also affirmed the UAE’s commitment to supporting and enhancing the progress of cooperation between GCC states, to ensure prosperity and well-being for the peoples of the region’s countries.
The meeting was attended by Khalifa Shaheen Almarar, Minister of State.
Meanwhile, aggregate net profits reported by companies listed on GCC exchanges witnessed a healthy year on year (YoY) growth of 5.7percent during Q2-2024 led by a broad-based growth across most markets in the region.
Kamco Investment Company, a regional non-banking financial powerhouse headquartered in Kuwait, in its latest report, stated that the quarter on quarter (QoQ) growth came in at 8.1 percent with total net profits up for the second consecutive quarter to reach US$60.7 bn during Q2-2024 as compared to US$56.2 bn in Q1-2024 and US$57.4 bn in Q2-2023.
At the regional level, Dubai reported the second-biggest YoY growth in profits (after Bahrain) at 30.9 percent reaching US$6.7 bn during Q2-2024 mainly related to accounting adjustments and restructuring implemented by DSI.
According to the report, companies in Bahrain also reported double-digit YoY growth in profits during the quarter followed by low to mid-single digit profit growth for the rest of the GCC countries. The growth in profits also highlighted a broad-based double-digit increase in profits for most sectors in the GCC.
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