Bahrain Welcomes GCC Leaders for Pivotal Summit

The 46th Gulf Cooperation Council Summit is taking place in Bahrain, gathering leaders from all GCC nations for a significant discussion. This summit signifies a crucial milestone as the GCC transitions from basic coordination towards comprehensive regional integration. The objective is to deepen collaboration across various sectors and secure a robust future for the region.

Over the years, GCC nations have fortified their status as a significant regional entity with worldwide influence. They are actively expanding their collaborative efforts in areas like economy, energy, sustainability, and development, resulting in stronger partnerships that promote long-term benefits.

In 2024, the GCC's economy reached an impressive valuation of over US$2.3 trillion, indicative of solid financial health. The per capita income soared past US$38,000, showcasing consistent growth. Notably, the non-oil sector now constitutes 76 percent of the total economy, marking successful diversification from oil reliance.

Financial markets in the GCC have also shown robust performance. By the end of last year, the total market capitalization rose to US$4.2 trillion, with commercial bank deposits hitting US$2.1 trillion and bank assets reaching US$3.5 trillion, underlining the region’s thriving financial landscape.

The intra-regional trade has been robust as well, with the GCC recording a merchandise trade surplus of US$109.7 billion in 2024, placing it among the global leaders. Trade between GCC countries reached US$146 billion, a 10 percent increase compared to the previous year, reflecting enhanced collaboration.

In the broader context of global trade, GCC nations saw their total merchandise trade value skyrocket to US$1.6 trillion, accounting for 3.2 percent of global trade. Exports, reaching US$850 billion, further affirm the GCC’s position as a crucial global trading hub.

Energy continues to be a cornerstone of the GCC’s economy. GCC countries control 511.9 billion barrels of crude oil reserves, equating to approximately 32.7 percent of global reserves, producing 16.1 million barrels daily, which constitutes 21.8 percent of the world's output. In terms of natural gas, they maintain reserves of 44.3 trillion cubic meters, making up 21.2 percent of global reserves, with their liquefied natural gas production comprising 10.3 percent of total world output.

Tourism is on the rise, with about 1.7 million workers engaged in the sector, an increase of 2.8 percent from last year. The number of hotels has grown to 11,200, contributing US$145.8 billion to the economy, marking 64 percent of its 2030 target.

The GCC is focusing on enhancing the circular economy and waste management, aiming to cut down landfill waste by 60 to 90 percent by 2030-2040. They actively participate in the Basel Convention aimed at regulating hazardous waste movement across borders. The waste management market in the GCC is projected to reach US$95 billion between 2025 and 2032.

In terms of environmental initiatives, GCC states have allocated 15 percent of their land as protected natural reserves, committing US$300 million for carbon emission reduction through the GCC power grid project. They are also supporting the Middle East Green Initiative to plant 50 billion trees.

Renewable energy is gaining momentum, with GCC nations achieving 14.2 gigawatts of renewable energy capacity and targeting over 50 percent of their electricity from renewable sources by 2050. Investments amounting to US$11 billion are also being funneled into green hydrogen and green ammonia projects on a global scale.

Social welfare is improving, with around 950,000 retirees in the GCC and over 450,000 dependents benefiting from pensions. Insurance benefits surpassed US$450 billion, with insured amounts over US$15 billion.

Healthcare is progressing, as there are now 882 hospitals, with healthcare spending projected to reach US$159 billion by 2029. The digital health sector alone is anticipated to generate US$1.8 billion in revenue by 2025.

Through these strides, the GCC is reinforcing cooperation, fostering innovation, and paving the way for a sustainable future for the region and its populace.