Saudi Arabia Advocates for Gulf Integration to Compete with Global Economies

KSA, 4 November, 2024 : Minister of Investment Khalid Al-Falih highlighted Saudi Arabia's commitment to enhancing integration with Gulf countries and expanding cooperation across the Middle East to better compete with major global economies, including China, India, Europe, and the United States. Speaking at the "Gateway Gulf Investment Forum Bahrain 2024," Al-Falih noted that while the Kingdom could compete independently, collaboration is crucial for maximizing potential.

During the session, which also featured Bahraini Finance and Economy Minister Sheikh Salman bin Khalifa, Al-Falih emphasized the Gulf's untapped economic potential and the importance of establishing free trade zones with major economies. He revealed that the non-oil sector now contributes 53% to Saudi GDP, while reliance on oil revenues has decreased from 90% to 40%.

Sheikh Salman bin Khalifa shared insights on the Gulf Cooperation Council (GCC), stating that its GDP is currently estimated at $2.3 trillion, with Saudi Arabia contributing over 50% and the UAE 25%. He projected the GCC's GDP could rise to $3 trillion by 2030 and potentially reach $6 trillion by 2050. The Bahraini minister also noted that Bahrain has been diversifying its income sources since the 1970s, highlighting the rapid growth of the Saudi economy, which is approximately 20 times larger than Bahrain's.

Source : www.saudigazette.com.sa