Abu dhabi: Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), participated in the 7th Milken Institute Middle East and Africa Summit, held under the theme "Global Overview: Innovation, Partnerships, and Growth" in Abu Dhabi. The event brought together ministers, senior officials, and experts from government and private sectors worldwide.
According to Bahrain News Agency, Albudaiwi stated that the strategic geographical location of the GCC states, their political stability, and the strength of their economic foundations, alongside the progress of Gulf integration projects, have positioned the GCC as a global investment hub and an important platform for international partnerships. He stressed that these elements support the GCC's role as a significant contributor to the global economy's future.
The Secretary General reviewed global economic developments and their impact on the region. He highlighted that the Gulf economy is experiencing a strong and sustainable phase, supported by economic reforms and strategic investments in future-oriented sectors. He pointed out that the Gross Domestic Product (GDP) of the GCC states reached approximately USD 2.3 trillion in 2024, ranking the GCC ninth globally and accounting for 63% of the total Arab economy. Furthermore, he noted that non-oil sectors contributed more than 76% of GDP, indicating progress in economic diversification policies.
Albudaiwi also discussed the strength and stability of the GCC's financial sector, noting a market value exceeding USD 4.2 trillion, banking assets of USD 3.5 trillion, and reserves nearing USD 800 billion. He stated that sovereign wealth funds exceed USD 4.8 trillion, reinforcing the GCC's role in supporting global economic stability.
He emphasized that the GCC is advancing free trade agreement negotiations with several international partners, including the United Kingdom, China, Trkiye, Japan, Indonesia, New Zealand, Pakistan, and South Korea. These negotiations aim to enhance trade and investment flows, diversify income sources, and open new markets for Gulf products. He noted that this approach aids in strengthening competitiveness and reducing consumer costs in the GCC states.
On the topic of Artificial Intelligence (AI), the Secretary General confirmed that the GCC views AI as a central pillar for economic and social transformation. He mentioned that the General Secretariat has adopted several regulatory frameworks and guiding principles, including the Guiding Framework for AI Ethics (2024), the General Framework for AI Applications in Public Services (October 2025), and the General Framework for Climate Forecasting and Disaster Management using AI (October 2025). The Gulf Strategy for Artificial Intelligence is scheduled for adoption in December 2025.