Abu dhabi: Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), participated in the opening panel discussion of the third edition of the Hili Forum, organized by the Anwar Gargash Diplomatic Academy and the Emirates Center for Strategic Studies and Research, in Abu Dhabi, United Arab Emirates. Albudaiwi emphasized the evolving role of GCC member states from mere energy suppliers to key players in the global economic and political arenas.
According to Bahrain News Agency, Albudaiwi articulated that the Gulf region's transformation extends beyond oil and energy, highlighting the GCC states' influence in the global economy, trade, investment, technology, and supply chains. He noted that the GCC states produce around 16.6 million barrels of crude oil daily, constituting roughly 22.2% of global production. However, the growth of the non-oil sector, which now makes up more than 78% of the GCC economy, and a projected growth of 5.3% in 2025, signifies a significant economic shift.
Albudaiwi also shared that the GDP of the GCC states has reached approximately USD 2.4 trillion, with sovereign wealth funds nearing USD 5 trillion in assets. Furthermore, foreign merchandise trade is expected to hit USD 1.6 trillion in 2024. These indicators signal the GCC's transition from an energy supplier to an active partner in shaping the global economy.
The Secretary General emphasized the GCC's foreign policy, which is founded on mutual respect and commitment to international principles. He described the coordinated efforts of GCC states in response to Iranian attacks since February last year, highlighting their ability to maintain stability and enhance logistical connectivity despite these challenges.
Albudaiwi concluded by praising the GCC as a model for regional and international cooperation, citing the council's significant achievements in a relatively short period. He stressed the importance of ongoing coordination among member states to address regional and international changes effectively.