GCC members shift from energy providers to global influencers
The Secretary-General of the Gulf Cooperation Council (GCC) confirmed that the member states have become a major player in shaping the global economic and political landscape, transcending their traditional role as a primary energy supplier. They currently produce approximately 16.6 million barrels per day, accounting for about 22.2% of global production. Additionally, the non-oil economy constitutes over 78% of the total GDP, with a growth rate of 5.3% projected for 2025. The combined GDP of the GCC countries is around $2.4 trillion, while the assets of sovereign wealth funds approach $5 trillion. Their foreign trade is expected to reach approximately $1.6 trillion in 2024. These indicators emphasize the Gulf countries’ shift from reliance solely on oil to establishing effective partnerships that contribute to the stability and prosperity of the global economy, along with their outward-looking policies based on respecting international principles.
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