Riyadh: Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi stated that the member states are striving to diversify their economies through well-planned strategies and clear visions that align with economic changes.
According to Saudi Press Agency, speaking at a panel discussion organized by the GCC General Secretariat titled "Structural developments, economic diversity, and their impact on sustainability in light of the national visions of member states," held on the sidelines of the World Governments Summit 2025 in UAE, Albudaiwi noted that the GCC countries are attractive destinations for foreign investments for several reasons, including strategic location, political stability, and strong economies.
He stressed that the GCC countries have advanced financial markets. Their market capitalization will be approximately $4.4 trillion in 2023, ranking them seventh globally. He added that the GCC countries 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 GCC's attractiveness as a global investment destination.
He pointed out that the GCC countries' total foreign direct investment (FDI) 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, a strategic project supporting energy security, and the railway project, which enhances economic cooperation and increases trade exchanges among the member states. He affirmed that these projects significantly impact achieving economic integration among the member states. Albudaiwi reviewed some statistics and official data that highlighted the economic position of the GCC countries at both the regional and global levels.