GCC Summit Highlights Comprehensive Growth And Future Cooperation Among Member States

The 46th Gulf Cooperation Council (GCC) Summit is being hosted by Bahrain, marking a significant step towards deeper cooperation among member states. The GCC countries are transitioning from coordination to full integration, showcasing their regional power and global influence through enhanced collective actions and expanded partnerships.

GCC countries have made notable strides in economic growth. By 2024, the GCC economy surpassed US$2.3 trillion, with an average per capita income exceeding US$38,000. The non-oil sector contributed 76 percent of the GDP, highlighting diversification efforts.

In terms of financial markets, the GCC's market capitalisation reached US$4.2 trillion by the end of last year. Commercial bank deposits rose to US$2.1 trillion in 2024, while bank assets totalled US$3.5 trillion. The region recorded a merchandise trade surplus of US$109.7 billion in 2024, ranking it among the top five globally.

The GCC's external trade amounted to US$1.6 trillion in 2024, representing 3.2 percent of global trade. Exports were valued at US$850 billion. Intra-GCC trade reached US$146 billion, reflecting a 10 percent annual growth compared to 2023.

In energy resources, GCC crude oil reserves stood at 511.9 billion barrels, accounting for 32.7 percent of global reserves. Crude oil production was at 16.1 million barrels per day, making up 21.8 percent of global output.

The natural gas sector saw reserves of 44.3 trillion cubic metres or 21.2 percent of global reserves in the GCC region. Marketed liquefied natural gas production reached 442 billion cubic metres, contributing to 10.3 percent of global output.

Tourism and Environmental Initiatives

The tourism sector employed 1.7 million workers in 2024, a rise of 2.8 percent from the previous year. Hotel establishments increased to 11,200, marking a growth of 1.3 percent.

The travel and tourism sector's direct GDP contribution was US$145.8 billion in 2024, achieving 64.1 percent of its strategic target for 2030.

Sustainability and Renewable Energy

GCC countries are committed to circular economy goals and waste management strategies aiming to divert up to 90 percent of waste from landfills by mid-century while participating actively in the Basel Convention on hazardous waste movement.

The waste management market is projected at nearly US$95 billion between 2025–2032 with a growth rate of 7.4 percent annually.

Social Protection and Healthcare Advancements

GCC states have designated about 15 percent of their land as natural reserves and invested US$300 million in reducing carbon emissions through power grid interconnection projects while contributing to planting initiatives under the Middle East Green Initiative.

Total renewable energy capacity reached 14.2 gigawatts with plans for over half electricity generation from renewables by mid-century; investments include nearly US$11 billion globally in green hydrogen projects.

The GCC continues enhancing its social protection systems with retirees numbering around 950,000 supported by pension systems benefiting over half a million dependants; insurance benefits exceed US$450 billion with insured amounts surpassing US$15 billion.

The healthcare sector has also seen advancements with over eight hundred hospitals across member states; spending is expected to reach US$159 billion by decade-end while digital health revenues are projected at nearly two billion dollars within two years.

With inputs from WAM