Abu dhabi: Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi highlighted the strategic benefits that make the GCC an attractive global investment destination. He cited the region's geographical location, political stability, and robust economic foundations as key factors that enhance its status as a major player in shaping the future of the global economy. Albudaiwi's comments were made during the seventh Milken Institute Middle East and Africa Summit in Abu Dhabi, United Arab Emirates.
According to Saudi Press Agency, Albudaiwi reviewed the transformations in the global economy, emphasizing the strong and sustainable phase the Gulf economy is currently experiencing. He noted that the Gross Domestic Product (GDP) of the GCC states reached approximately $2.3 trillion in 2024. This positions the council states ninth globally, accounting for 63% of the total Arab economy. The contribution of non-oil sectors exceeded 76% of the GDP, indicating the success of economic diversification policies.
Albudaiwi also discussed the strength and stability of the GCC financial sector, highlighting its market value of over $4.2 trillion, banking assets of $3.5 trillion, and reserves nearing $800 billion. Sovereign wealth funds exceed $4.8 trillion, which solidifies the council states' role in enhancing global economic stability. He revealed that the GCC states are negotiating free trade agreements with countries such as the United Kingdom, China, Trkiye, Japan, Indonesia, New Zealand, Pakistan, and Korea. These negotiations aim to boost trade and investment flows, diversify income sources, and open new markets for Gulf products.
Regarding artificial intelligence, Albudaiwi confirmed that the GCC states regard AI as crucial for economic and social transformation. The General Secretariat has adopted several regulatory frameworks and guiding principles, including the Guiding Framework for AI Ethics (2024) and the General Framework for AI Applications in Public Services (October 2025). A comprehensive Gulf Strategy for Artificial Intelligence is set to be adopted in December 2025.