Manama: The convening of the forty-sixth Gulf Cooperation Council (GCC) Summit, to be held this Wednesday in the Bahraini capital of Manama, embodies the collective aspirations of the member states’ citizens for deeper cooperation, comprehensive integration, and strengthened bonds across all levels. His Majesty Sultan Haitham bin Tarik will lead the delegation of the Sultanate of Oman participating in this pivotal gathering, alongside Their Majesties and Highnesses the esteemed leaders of the GCC member states.
According to Oman News Agency, the summit deliberations are anticipated to encompass a thorough review of the joint Gulf cooperative journey across all political, economic, and security domains. This review will be guided by the directives of Their Majesties and Highnesses the Council’s leaders. The agenda will also facilitate a strategic exchange of perspectives on current international and regional developments and their implications for regional security and stability. Furthermore, discussions will focus on the concerted endeavours of the GCC member states to propel initiatives aimed at establishing comprehensive peace in the region and forging unified stances in response to evolving regional dynamics.
Jassem Mohammed Al Budaiwi, GCC Secretary-General, underscored the imperative to reinforce the various pillars of Gulf, regional, and international collaboration. He expressed his hope that the Bahrain Summit will yield constructive resolutions and recommendations, contributing a new cornerstone to the Council’s efforts. He affirmed that the breadth and depth of these agenda items reflect the Council’s regional and international stature and align with the Gulf peoples’ aspirations for greater unity and shared prosperity.
The forty-fifth Gulf Summit, hosted by Kuwait in December 2024, achieved consensus on expanding clean energy adoption, boosting investments in technology sectors and the green transition, and reaffirming support for economic integration and joint action in energy, food security, and climate. The summit also saw the adoption of unified positions on emerging issues and the endorsement of several joint economic initiatives.
The GCC economies demonstrated balanced performance throughout 2024. The aggregate real Gross Domestic Product growth rate reached approximately 1.9 percent, propelled by growth in non-oil sectors, which expanded by 4.4 percent. Economic projections indicate a gradual acceleration in real growth across the GCC, forecast to reach 2.8 percent in 2025, 3.7 percent in 2026, and 4.3 percent by 2027. This positive trajectory is underpinned by expanding investments in pivotal sectors such as tourism, renewable energy, manufacturing industries, and advanced technology.
Data from the GCC Statistical Centre revealed that foreign direct investment (FDI) inflows to the member states amounted to approximately US 523.4 billion in 2023, affirming the international community’s confidence in the Gulf’s business and investment landscape. FDI flows constituted roughly 5 percent of total global flows during 2023, and intra-Gulf investments grew from US 88.2 billion in 2015 to US 130.3 billion in 2023.
The GCC bloc’s external merchandise trade registered a modest growth of 1.1 percent throughout 2024. Non-oil exports achieved a marked increase, showing progress in diversifying the economic and export base. Aggregate public revenues for the GCC nations reached approximately US 670.2 billion in 2024, with public expenditure recorded at US 659.3 billion. Non-oil revenues contributed to total public income, attributed to taxation frameworks and enhanced fiscal collection efficiency.
Gulf financial markets showcased robust performance indicators in 2024, with aggregate market capitalization ascending to approximately US 4.2 trillion. This was driven by improved corporate profitability, moderated inflation levels, and institutional investment in key sectors.
The GCC summits are the primary forum for crafting cooperative policies among member states in security, economy, defense, and sustainable development. In an interview with Oman News Agency, Sheikh Ahmed bin Hashel Al Maskari affirmed Oman’s commitment to the GCC and strengthening collective action. He emphasized the importance of integration across all political, economic, social, and developmental spheres.
Sheikh Al Maskari clarified that Oman supports deepening economic integration among GCC member states, with priority on the GCC electrical grid interconnection project and cooperative ventures in energy sectors. Oman also endorses measures to amplify intra-Gulf trade and investment, aligned with Oman Vision 2040.
The Sultanate of Oman advocates for dialogue and diplomacy as essential for resolving regional issues and securing peace and stability. Oman supports initiatives for a unified Gulf tourist visa, which will permit streamlined access to all member states.
Dr. Youssef Abdulkarim Al Boujairi, Director General of Legal Affairs and Human Rights of Bahrain, remarked on Bahrain’s honor in hosting the summit and the aspirations of GCC leaders and citizens. The economic dimension remains key for reinforcing Gulf interconnectedness.
The summit’s agenda includes the pivotal Gulf Railway project, which will link all six member states, and connectivity in civil aviation. A preparatory meeting of the GCC Foreign Ministers was held in Manama, where Kuwait transferred the presidency of the Ministerial Council to Bahrain.