HE the GCCSG: The Member States Aim to Diversify their Economies through Well-studied Plans & Clear Visions that Keep Pace with Economic Changes

nabd-alhadath –  Ahmed Bin Abdulqader  

His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stated that the member states are striving to diversify their economies through well-planned strategies and clear visions that align with economic changes.

This was mentioned during the panel discussion organised by the General Secretariat of the Council titled “Structural Developments, Economic Diversity, and Their Impact on Sustainability in Light of the National Visions of the Member States,” held on the sidelines of the World Governments Summit 2025, today, Tuesday, February 11, 2025, in Dubai, United Arab Emirates.

The discussion featured the participation of His Excellency Abdullah bin Touq Al Marri, Minister of Economy of the UAE, His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy of Bahrain, and His Excellency Mr Faisal bin Fadhil Alibrahim, Minister of Economy and Planning of Saudi Arabia.

During his participation, His Excellency the Secretary General noted that the GCC countries are attractive destinations for foreign investments for several reasons, including their strategic location, political stability, and strong economies.

He stressed that the member states have advanced financial markets, with a market capitalisation of approximately $4.4 trillion in 2023, making them rank seventh globally.

He added that the member states continuously work to improve the investment environment by offering various incentives and facilities, along with numerous initiatives and policies aimed at unifying regulations and laws to facilitate the business environment and enhance the Council’s attractiveness as a global investment destination.

He pointed out that the total foreign direct investment (FDI) in the GCC countries reached $649 billion by the end of 2022, an increase of 6.4% compared to 2021. “FDI represents about 38.6% of the GDP of the GCC countries, which is higher than the G20 average of 32.9%,” he stated.

He also discussed the joint Gulf projects and their economic and social dimensions, including the electricity interconnection project among the GCC countries, which is a strategic project supporting energy security, and the railway project, which plays a role in enhancing economic cooperation and increasing trade exchanges among the member states, strengthening social relations, contributing to sustainable development and the welfare of the region’s people, as well as solidifying the position of the member states as a unified bloc on the regional and global stage. He affirmed that these projects significantly impact achieving economic integration among the member states.

In conclusion, HE the GCC Secretary General reviewed some statistics and official data that highlighted the economic position of the GCC countries at both the regional and global levels.