Tuesday, 02 January 2024 12:17 GMT

GCC 'Open To The World', Seeks Long-Term Investment Partnerships: Secretary-General


(MENAFN- Khaleej Times) Gulf economies should not be viewed as separate entities but rather as an interconnected economy which provides a gateway to the wider region and to global markets, said the head of the Gulf Cooperation Council (GCC).

He added that GCC countries remain“open to the world" and are aspiring to build long-term investment partnerships that achieve mutual interests.

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“Today, the GCC countries can no longer be viewed as six separate markets,” the Secretary-General of the GCC, Jasem AlBudaiwi, said. They should instead be viewed as an interconnected economic and investment system, with which investors who enter it are not isolated from the wider region, he added.

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“An investor who enters today into one of the GCC countries does not enter an isolated national market only but rather an interconnected regional system through which the Gulf markets are connected to each other and to the global economy.

He was speaking at the 15th edition of AIM Congress, a three-day event held in Dubai World Trade Centre.

Gulf economy exceeding $2.4 trillion

The Gulf economy is among the ten largest in the world, with gross domestic product (GDP) amounting to $2.4 trillion, AlBudaiwi shared during his keynote speech. Assets in Gulf sovereign wealth funds are estimated to be more than $5 trillion, he added, with total commercial bank assets of around $3.9 trillion in 2025.

In terms of investments, total foreign direct investment inflows into the GCC reached around $792.7 billion in 2025, $171.4 billion of which were investments between the GCC countries themselves.

“These figures go beyond their significance as investment flows,” AlBudaiwi said, adding that“They reflect the level and progress of interconnectedness between the economies of the GCC countries and confirm an important reality: that Gulf integration has itself become a driver of investment.”

Joint coordination maintained stability

“Opportunities alone are no longer sufficient to attract investment,” AlBudaiwi said, in reference to the geopolitical changes in recent months. While supply chains were severely disrupted due to trouble in the Strait of Hormuz, the secretary-general said GCC economies maintained their stability thanks to their respective countries'“wise leadership” and“joint coordination".

He added,“These are the elements available today in the GCC countries, with their economic stability, major financial and investment capabilities, established institutions, clear development visions, and economies moving at an accelerating pace towards greater diversification and innovation.”

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