Abu dhabi: Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, affirmed that the GCC member states have moved beyond their role as energy suppliers and have become an influential partner in shaping the global economic and political landscape.
According to Qatar News Agency, Albudaiwi emphasized that perceiving the Gulf region solely as a hub of oil and energy no longer captures the significant transformations and the growing global economic influence of the GCC states in areas such as trade, investment, technology, and supply chains. His remarks were made during the opening panel discussion of the third edition of the Hili Forum in Abu Dhabi.
The GCC Secretary General pointed out the ongoing importance of energy and energy security, noting that the GCC states produce around 16.6 million barrels of crude oil daily, which accounts for approximately 22.2 percent of global production. He highlighted the economic diversification within the GCC, with the non-oil sector now constituting over 78 percent of the economy and expected to grow by 5.3 percent in 2025.
Albudaiwi provided key economic data to illustrate the GCC's evolution, stating that the GDP of the GCC states reached around USD 2.4 trillion, while the assets of GCC sovereign wealth funds are nearing USD 5 trillion. Additionally, foreign merchandise trade reached approximately USD 1.6 trillion in 2024, underscoring the GCC's transition from being major energy suppliers to active participants in the global economy.
He also touched upon the GCC's foreign policy, which is guided by principles of mutual respect and adherence to international and UN laws. Albudaiwi noted that the GCC serves as a model for other countries and international organizations due to the significant achievements of its member states.
Albudaiwi concluded by stressing the importance of continuous coordination among GCC member states on regional and international issues, which forms a crucial foundation for addressing challenges and adapting to global changes.