GCC Economic Growth Projected to Reach $3 Trillion by 2030 Amidst Regional Integration and Innovation

UAE, 5 November, 2024 : The GCC region is set for significant economic expansion, with GDP expected to hit $3 trillion by 2030 and $6 trillion by 2050, as highlighted in the opening panel of Gateway Gulf 2024. Moderated by broadcaster Richard Quest, the discussion featured Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa, Saudi Arabia’s Minister of Investment Khalid Al Falih, and former UK Minister for Investment Lord Gerry Grimstone.

The panel emphasized the need for enhanced regional integration and technological innovation to seize opportunities and mitigate risks in the global economy. While Saudi Arabia and the UAE are primary growth drivers, other GCC nations are also poised to benefit by offering services and contributing to the regional economy.

Shaikh Salman noted that Bahrain has attracted over $15.6 billion in foreign direct investment since the last Gateway Gulf event six years ago, including a record $6.8 billion in 2023. He attributed this success to the kingdom’s strategic location, business-friendly policies, and commitment to digital transformation, with companies like Amazon Web Services leading the way.

The minister stated, “Bahrain’s economy remains the most diversified in the region, with non-oil sectors contributing over 85% of national GDP,” reflecting broader regional transformations. He reiterated that a unified GCC could serve as a stabilizing force in the global economic landscape, emphasizing the opportunities for growth and investment.

Al Falih highlighted the historical ties between Bahrain and Saudi Arabia, citing cooperation in geological discoveries that benefitted the region. He praised the GCC’s resilience in the face of global challenges, pointing to decreasing unemployment and increasing trade.

Lord Grimstone addressed the complexities faced by investors today, urging nations to identify their unique strengths and compete effectively on the global stage to attract investment.

Source : www.zawya.com