His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stated that the strategic geographical location of the Gulf states, their political stability, and the strength of their economic foundations, in addition to the acceleration of Gulf integration projects, make the GCC a global destination attractive for investment and a key platform for international partnerships.
"These factors enhance the status of the Council states as a major player in shaping the future of the global economy," His Excellency added.
These remarks came during His Excellency’s participation in the opening session of the 7th Milken Institute Middle East and Africa Summit, held under the theme "Global Overview: Innovation, Partnerships, and Growth", today, Thursday, December 4, 2025, in Abu Dhabi, United Arab Emirates. The event saw the participation of a number of ministers, senior officials, and experts from the government and private sectors from around the world.
At the beginning of his participation, His Excellency reviewed the features of global economic transformations and their impact on the region.
He emphasised that the Gulf economy is undergoing a strong and sustainable phase, embodying the fruits of economic reforms and strategic investments in future sectors.
"The Gross Domestic Product (GDP) of the GCC states reached approximately $2.3 trillion in 2024, placing the Council states in ninth place globally and accounting for 63% of the total Arab economy," he explained, adding: "The contribution of non-oil sectors exceeded 76% of the GDP, an indicator reflecting the success of economic diversification policies."
His Excellency also pointed to the strength and stability of the GCC financial sector, which boasts a market value exceeding $4.2 trillion, banking assets amounting to $3.5 trillion, and reserves approaching $800 billion. This is in addition to sovereign wealth funds exceeding $4.8 trillion, a fact that solidifies the Council states' position as a key player in enhancing global economic stability, His Excellency stressed.
"The GCC states, through free trade agreements, are negotiating with a number of international partners, including the United Kingdom, China, Turkey, 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," His Excellency revealed.
He underlined that this approach contributes to elevating competitiveness and reducing prices for consumers within the GCC states.
Regarding the topic of Artificial Intelligence (AI), His Excellency confirmed that the GCC states treat AI as a fundamental pillar for economic and social transformation.
"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). Furthermore, the Gulf Strategy for Artificial Intelligence is set to be adopted in December 2025," His Excellency stated.