Dubai: Secretary-General of the Gulf Cooperation Council (GCC), Jassim Mohammed Al Budaiwi, stated that GCC countries are working to diversify their economies through well-planned strategies and clear visions that align with economic changes.
According to Qatar News Agency, this statement was made during a panel discussion organized by the GCC Secretariat under the title "Structural Developments, Economic Diversification, and Their Impact on Sustainability in Light of the GCC National Visions." The session was held on the sidelines of the World Government Summit 2025, hosted today in Dubai, United Arab Emirates.
During his participation, the Secretary-General highlighted that GCC countries are an attractive destination for foreign investment due to several factors, including their strategic location, political stability, and strong economies. He noted that the GCC financial markets are highly advanced, with a total market capitalization of approximately USD 4.4 trillion in 2023, ranking them collectively as the seventh largest globally.
He added that GCC nations are continuously improving their investment environment by offering various incentives and facilitation measures. They are also implementing initiatives and policies aimed at unifying regulations to streamline business operations and enhance the region's appeal as a global investment hub. He pointed out that total foreign direct investment (FDI) in GCC countries reached around USD 649 billion by the end of 2022, marking a 6.4 percent increase compared to 2021. FDI accounted for 38.6 percent of the GCC's GDP, surpassing the G20 average of 32.9 percent.
Al Budaiwi also discussed major joint GCC projects and their economic and social dimensions, including the GCC electricity interconnection project, which he described as a strategic initiative supporting energy security. He also highlighted the GCC railway project, emphasizing its role in strengthening economic cooperation, boosting trade exchange, fostering social ties, and contributing to sustainable development and regional prosperity. These projects, he noted, solidify the GCC's position as a unified economic bloc on the regional and global stage and play a key role in achieving economic integration among member states.
Concluding his remarks, the Secretary-General presented key statistics and official data that underscored the economic standing of GCC countries at both regional and global levels.