Manama: Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), participated in a panel discussion organised by the General Secretariat of the Council titled “Structural Developments, Economic Diversity, and Their Impact on Sustainability in Light of the National Visions of the Member States,” held on the sidelines of the World Governments Summit 2025. Albudaiwi noted that the member states are striving to diversify their economies through well-planned strategies and clear visions that align with economic changes.
According to Bahrain News Agency, Albudaiwi highlighted that GCC countries serve as key destinations for foreign investment due to their strategic location, political stability, and robust economies. He emphasised that the member states possess advanced financial markets, with a market capitalisation of approximately $4.4 trillion in 2023, ranking them seventh globally.
The Secretary General said that the member states continuously strive to enhance the investment environment by providing various incentives and facilities, alongside initiatives and policies aimed at harmonising regulations and laws to streamline business operations and strengthen the Council’s position as a global investment destination. Albudaiwi noted that total foreign direct investment (FDI) in the GCC countries reached $649 billion by the end of 2022, marking a 6.4% increase compared to 2021. He further stated that FDI accounts for approximately 38.6% of the GCC countries’ GDP, exceeding the G20 average of 32.9%.
He also discussed joint Gulf projects and their economic and social dimensions, highlighting the electricity interconnection project as a strategic initiative that supports energy security. Albudaiwi highlighted the railway project’s role in boosting economic cooperation, trade, and social ties among member states. He emphasised its contribution to sustainable development and regional well-being while reinforcing the GCC’s unity on the global stage and advancing economic integration.
The Secretary General also reviewed some statistics and official data that highlighted the economic position of the GCC countries at both the regional and global levels.