"Gulf Cooperation Council"/ A comprehensive renaissance that reshapes the future of economics and development in the region and the world

Abu Dhabi, 3 December / WAM / The sister Kingdom of Bahrain is hosting the forty-sixth Gulf Summit of Their Majesties and Highnesses, leaders of the Gulf Cooperation Council countries, today, as the GCC countries move towards a deeper stage of cooperation, rising from the level of coordination to comprehensive integration, in line with the requirements of the times and in achieving the goals of sustainable development.

The GCC countries have succeeded in consolidating their position as a regional power with an influential global presence, by enhancing collective and complementary work among member states, continuing to develop partnerships in all fields, and supporting development and sustainability projects in various sectors, in order to embody the ambitions of their leaders and the aspirations of their people towards greater interconnection and prosperity.

The GCC economy exceeded 2.3 trillion US dollars in 2024, with an average per capita income exceeding 38 thousand dollars, while the non-oil sector contributes 76% of the gross domestic product.

The market value of the Gulf financial markets reached $4.2 trillion at the end of last year, with an average annual growth rate of 8.1% during the period 2020-2024, while the general index of the financial markets recorded 171.8 points.

The total deposits of commercial banks operating in the GCC countries rose to $2.1 trillion in 2024, with a growth of 9.6%, while the assets of those banks reached $3.5 trillion, while the net foreign assets of Gulf central banks rose to $761.9 billion.

The merchandise trade balance of the GCC countries recorded a surplus of $109.7 billion in 2024, placing it among the five largest countries in the world in terms of trade surplus. The value of intra-GCC trade reached $146 billion, achieving an annual growth of 10% compared to 2023.

On the foreign trade side, the volume of merchandise trade reached $1.6 trillion in 2024, representing 3.2% of the total global merchandise trade and also placing the GCC countries among the top five globally. The value of merchandise exports also reached $850 billion, contributing 3.5% of global trade.

The GCC countries are strengthening their global financial presence through the growing role of sovereign wealth funds, which have become an influential investment force in the international economic scene. According to 2025 data, the volume of assets managed for these funds reached about 4.9 trillion US dollars, and the funds account for 33.1% of the total assets of the 100 largest sovereign funds in the world.

The data reflects the size of the gains of the common Gulf market in terms of expanding job and mobility opportunities and benefiting from the social systems among the GCC countries. According to statistics, the number of Gulf citizens working in the private sector in other GCC countries reached 14 thousand employees, while the number of workers in the government sector reached 11.5 thousand employees. The social systems also registered a greater presence in supporting this integration. The number of Gulf citizens covered by the “social insurance system” in other GCC countries increased to 13.8 thousand individuals in 2024, while the number of citizens benefiting from the retirement system in Gulf countries other than their own reached 11.9 thousand beneficiaries.

The figures indicate that 41.4 million Gulf citizens moved between the GCC countries during the year 2024, which is a significant increase and represents a growth of 188.5% compared to 2007.

In the same context, the number of citizens who received health services in hospitals and medical centers in other Gulf countries reached 488.9 thousand beneficiaries. As for education, the number of those enrolled in public schools in countries other than their own reached 43.2 thousand students during the years 2024 and 2025, and the number of Gulf students studying in higher education in other GCC countries reached 12.8 thousand students.

The data confirms the pivotal role of the GCC countries in global energy security, as the Gulf crude oil reserves reached 511.9 billion barrels, representing 32.7% of the global reserve, and crude oil production reached 16.1 million barrels per day, equivalent to 21.8% of global production.

In the natural gas sector, the GCC countries recorded reserves amounting to 44.3 trillion cubic meters, or 21.2% of the global reserve, while the production of marketed liquefied natural gas reached 442 billion cubic meters, or 10.3% of global production.

Tourism and cultural indicators for the GCC countries in 2024 show remarkable growth that strengthens the region’s position as an emerging global destination. The total number of workers in the tourism sector has increased to reach 1.7 million workers, a growth rate of 2.8% compared to 2023, while the number of hotel establishments has increased to 11.2 thousand establishments, with a growth of 1.3%.

Inbound tourism spending in the GCC countries amounted to $188 billion, achieving 63.9% of the target for the year 2030. In contrast, the direct domestic product of the travel and tourism sector recorded $145.8 billion, which represents 64.1% of the strategic goal set until 2030.

The GCC countries have achieved tangible progress in environmental sustainability and climate initiatives, as they have adopted ambitious goals in the circular economy and waste management, including seeking to divert 60-90% of waste from landfills by 2030 and 2040, in addition to active participation in the Basel Convention to reduce the movement of hazardous waste across borders.

The index of total treated waste – hazardous and non-hazardous – recorded an annual growth of more than 128% compared to 2019, while the percentage of wastewater reuse rose to 100% in some GCC countries, and the size of the economic market for waste management was estimated at about $95 billion for the period 2025-2032, with an annual growth rate of 7.4%.

The data also highlights a decrease in the per capita share of household waste by 17.4% compared to 2019, which reflects the success of environmental policies and the shift towards more sustainable consumption and production patterns in the GCC countries.

The GCC countries allocated about 15% of their area as natural reserves, in addition to huge investments amounting to $300 million to reduce carbon emissions within the Gulf electrical interconnection project. Four Gulf countries also achieved 100% in the index of ability to adapt to climate change, while the region contributed to planting 50 billion trees according to the Green Middle East Initiative, which is equivalent to 5% of the global afforestation target.

Data indicate that the average Gulf performance exceeds the global average in the Carbon Circular Economy Index (41.5), with carbon capture and storage capabilities expected to increase to 3.8–6.5 million tons annually by 2035.

The role of the GCC countries in moving towards renewable energy and green hydrogen within the path of building a sustainable energy future is highlighted, as official data indicate that the total renewable energy capacity reached 14.2 gigawatts, with a goal for the percentage of electricity generation from renewable sources to reach more than 50% by 2050.

The GCC countries invest approximately 11 billion US dollars in green hydrogen and green ammonia projects, and the GCC countries constitute 66.7% of the total Arab hydrogen projects, in addition to 10% of the total global investments in clean hydrogen.

The Gulf Cooperation Council countries continue to consolidate their position globally in the areas of social protection and investment in people, as the latest international indicators indicate that all the GCC countries are classified within the category of very high human development, and the GCC countries also exceed the global average in the Social Progress Index, confirming their leadership in achieving comprehensive development that puts people at the heart of its priorities.

The GCC countries hold advanced positions among the first places globally in the competitiveness index in its various branches, whether at the level of the Middle East or the world. This is demonstrated by the average per capita GDP, which is three times more than the global average, which reflects the strength of the Gulf economies and the diversity of sources of income.

In the field of social protection and retirement systems, the data shows a significant level of support for citizens. The number of retirees in the GCC countries exceeds 950 thousand retirees, while the number of heirs benefiting from retirement systems reaches more than 450 thousand beneficiaries, and insurance benefits reach more than 450 billion US dollars, while the insured amounts exceed 15 billion.

The GCC countries have strengthened their global position in the field of healthcare, as expectations indicate that the volume of healthcare spending in the GCC countries will reach 159 billion US dollars by 2029, with a compound annual growth of 7.8% during the period 2024-2029.

In terms of health innovation, the digital health market stands out as a promising sector, as its revenues are expected to reach 1.8 billion US dollars in 2025, which confirms the Gulf countries’ trend towards enhancing digital transformation in providing medical services and raising their efficiency.

The total number of hospitals in the GCC countries reached 882, and during the years (2014-2024), the health sector witnessed a qualitative boom represented by the opening of 176 new hospitals, and the capacity of hospital beds reached 127.6 thousand beds in 2024.

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