Federation of GCC Chambers Condemns Iranian Attacks

The Federation of GCC Chambers condemned the recent Iranian attacks on the countries of the Gulf Cooperation Council, describing them as senseless assaults on the region’s development model, founded on justice, stability, and openness.

In an official statement, the Federation said the attacks terrorized residents and violated religious values, international conventions, and the principles of good neighborliness.

As the representative of the private sector in the GCC countries, the Federation reaffirmed its commitment to key principles, including steadfast support for the region’s political leadership in all measures to defend the homeland, protect citizens and residents, and safeguard the economic, developmental, civilizational, and knowledge-based achievements of the GCC countries.

It also emphasized that it is closely monitoring the severe impacts of these attacks on global shipping traffic, noting that they have caused major disruptions to supply chains, sharply increased shipping and insurance costs, and could trigger inflation and a significant slowdown in global growth.

The statement further stressed that the private sector in the GCC countries will continue to play an active role in the development process, fully aware of its national, economic, and social responsibilities, while supporting progress and contributing to both national and regional stability.This came at the conclsion of the emergency meeting of the Federation held on Monday via videoconference. 

The meeting was chaired by Sheikh Khalifa bin Jassim bin Mohammed Al Thani, Chairman of the Qatar Chamber and President of the Federation, and attended by Their Excellencies the presidents of the Gulf chambers and federations, as well as the Secretary-General of the Federation.Discussions focused on the challenges facing the Gulf economy in light of the Israeli-American conflict with Iran.Addressing the webinar, Sheikh Khalifa bin Jassim said that the current conflict poses significant challenges to the economies of the Gulf countries due to the close link between these economies, energy security, and geopolitical stability.

He warned that the conflict could threaten energy security and oil and gas export routes, particularly navigation through the Strait of Hormuz, and may lead to sharp fluctuations in fuel prices and a slowdown in trade activity, affecting Gulf countries’ revenues and budgets.He added that the situation could also increase insurance and shipping costs, cause volatility in financial and stock markets, reduce foreign investment, disrupt supply chains, and negatively affect tourism and employment in Gulf labour markets.Sheikh Khalifa also emphasised the need to establish a working group or permanent committee for crises and emergencies, in coordination with the General Secretariat of the Gulf Cooperation Council, to continuously monitor and assess emerging challenges.

He also called for exploring economic and logistical land alternatives to the Strait of Hormuz, noting that such an alternative route would constitute a strategic project for the region.The meeting addressed key strategic initiatives, including activating the Gulf land bridge, diverting maritime traffic to Arabian Sea ports with overland transport, establishing a unified shipping pricing mechanism, and strengthening private sector consultation.

Participants also discussed enhancing supply chain security, accelerating logistical integration, advancing the railway project, extending oil pipelines to the Red Sea, and promoting economic coordination across the Gulfcountries.