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Arab Times
25-05-2025
- Business
- Arab Times
GCC marks 44th anniversary, highlights decades of unity and growth
RIYADH, Saudi Arabia, May 25: Gulf Cooperation Council (GCC) Secretary General Jassem Mohammad Al-Budaiwi described the Council's journey as 'an example to be followed in unity, effective integration, and constructive cooperation, making it a pioneering model regionally and internationally.' Speaking during the celebration of the 44th anniversary of the Council's establishment at the GCC Secretariat in Riyadh late Saturday, Al-Budaiwi expressed pride in continuing the path that began on May 25, 1981. He conveyed appreciation for the progress made in joint Gulf cooperation and integration across various fields. 'During our celebration today of the 44th anniversary of the launch of the blessed journey of the GCC,' he said, 'we recall with pride and loyalty the insightful vision of the founding leaders who laid the solid foundation for this great institution, relying on deep fraternal ties, shared destiny, and common history among their peoples.' He affirmed that despite regional and international challenges, the Council's path remains a model of unity and integration, highlighting its growing role across multiple fields. 'The member states have become a model for collective action and a reliable partner regionally and internationally,' he said, noting that strategic vision and balanced policies had drawn the world's attention and supported security, peace, and sustainable prosperity. Al-Budaiwi emphasized the Council's growing diplomatic presence, citing the recent Gulf-European and Gulf-American summits and upcoming summits with ASEAN and China. 'This clearly affirms the Council's status and pivotal role in shaping international relations,' he said. These high-level summits, involving Their Majesties and Highnesses—the leaders of the member states—and their counterparts, along with 15 ministerial meetings with other nations, reflect the GCC's capacity to build balanced East-West partnerships that support mutual interests. 'They also reflect the global appreciation and respect for the GCC countries and the sincere desire from various nations to deepen relations based on mutual trust and strategic interests,' he added. Al-Budaiwi highlighted the GCC's economic advancement, driven by diversification, efficient resource use, and enhanced regional and international standing. He noted the GCC now ranks 11th globally in GDP, reaching USD 2.1 trillion, with a per capita average of USD 36,800—over three times the global average. He forecasted 4.5% economic growth in 2025 and 3.3% in the non-oil sector. He added that the region's financial markets are among the world's top seven, with market value exceeding 4.3% of the total global value. Intra-GCC trade also expanded significantly, with intra-exports valued at USD 131.6 billion—a 67% increase—demonstrating deepening economic integration and ease of goods movement. Cross-border Gulf investment is thriving as well. The total capital of publicly traded companies open to citizens of other member states reached USD 520.4 billion, marking a 226.9% growth, indicating smooth Gulf capital flow and enhanced market access. On sustainable development, Al-Budaiwi said GCC countries have seen major growth in clean energy capacity. They now account for 30% of the Middle East's renewable electricity production and 54.5% of its wind energy output—equivalent to 30% of global wind production. In education, approximately 12,800 Gulf students are enrolled in higher education institutions in other member states, reinforcing academic integration and mutual competence exchange. In the digital economy, he affirmed that GCC countries are among the most prepared globally, with artificial intelligence readiness exceeding the world average. By 2030, AI is expected to contribute 34% of the GCC's GDP. Aligned with digital transformation, the Ministers of Information in GCC states launched a joint application for the Council's news agencies. In addition, the General Secretariat, through the GCC Statistical Center, introduced a smartphone app offering reliable statistical data on development, economy, society, and the environment across the member states. 'These digital initiatives,' he said, 'reflect the scale of ambitious achievements and the comprehensive renaissance experienced by the member states.' He also highlighted two key societal initiatives. The first, Inspiring Gulf Woman, held on International Women's Day, showcased achievements of Gulf women and the Council's empowerment efforts. The second, Gulf Youth Day, aimed to support and encourage young people by displaying their creativity and accomplishments in various fields. Al-Budaiwi reaffirmed that the 44th anniversary of the GCC is a valuable occasion celebrating a journey marked by Gulf achievements and unity. He praised the vision of the founding leaders who laid the foundation for this enduring regional bloc. The ceremony was attended by Riyadh Governor Prince Faisal bin Bandar bin Abdulaziz, Kuwaiti Minister of Information, Culture, and Minister of State for Youth Affairs Abdulrahman Al-Mutairi, ambassadors, diplomatic representatives, and senior officials. He extended his gratitude for the support of the GCC member states to the General Secretariat and acknowledged the leadership of Kuwait as the current presidency holder, along with the efforts of all those involved in organizing the celebration. In closing, Al-Budaiwi prayed for the continuation of security, stability, and prosperity across the GCC and called upon God Almighty to guide the leaders toward greater achievements on the path of joint Gulf action.
Muscat Daily
15-04-2025
- Business
- Muscat Daily
GCC travel, tourism sector contributes RO95bn to GDP
By OUR CORRESPONDENT Muscat – The travel and tourism sector's contribution to the Gulf region's Gross domestic Product (GDP) reached an estimated RO95bn (US$247.1bn) by the end of 2024, accounting for approximately 11.4% of the region's total GDP. According to the latest data from the GCC Statistical Center, the sector has seen robust recovery and growth, with its contribution rising by nearly 31.9% compared to 2019 levels. The report also noted that the sector's share of the GCC's GDP in relation to the global GDP stood at 2.2% in 2024. Looking ahead, the travel and tourism sector in the Gulf is poised for continued expansion. By 2034, its contribution is projected to climb to 13.3%, or approximately RO142.8bn (US$371.2bn). The average annual growth rate over the 2024–2034 period is expected to exceed 4.2%. Intra-GCC tourism has also witnessed significant momentum. Between 2019 and 2023, the average annual growth in the number of tourists traveling between GCC countries surged by 41.5%, making up 26.5% of all international tourist arrivals to the region in 2023.
Arabian Business
14-04-2025
- Business
- Arabian Business
GCC travel reaches 11.4% of GDP, growth surpasses pre-pandemic levels
The travel and tourism sector in Gulf Cooperation Council (GCC) countries has contributed 11.4 per cent to the region's GDP by the end of 2024, reaching $247.1 billion, according to the latest data from the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat). The figures represent a 31.9 per cent growth compared to 2019 levels, showcasing the sector's significant recovery and expansion following the global pandemic. The data indicates that the sector's contribution to global GDP in 2024 stood at 2.2 per cent, highlighting the Gulf's strong position in the international tourism market. Looking ahead, GCC-Stat projects the sector's contribution to reach 13.3 per cent of the Gulf's GDP by 2034, valued at $371.2 billion. The average annual growth rate during the 2024-2034 period is expected to exceed 4.2 per cent. Intra-GCC tourism has emerged as a key driver of this growth. Statistics show that the average annual growth rate in the number of tourists travelling between Gulf countries from 2019 to 2023 reached 41.5 per cent. These intra-regional visitors accounted for 26.5 per cent of all international tourists arriving in GCC countries in 2023.
Hi Dubai
14-04-2025
- Business
- Hi Dubai
Gulf Tourism Booms: Sector Hits $247 Billion, Set to Soar Further by 2034
The Gulf's travel and tourism sector has marked a significant leap, contributing approximately 11.4% to the region's GDP in 2024 — a value of US$247.1 billion, according to the latest figures released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat). This represents a 31.9% growth in sectoral contribution compared to pre-pandemic levels in 2019, highlighting a robust rebound and steady expansion of the industry across the Gulf region. Globally, the sector accounted for 2.2% of total GDP in 2024, placing the Gulf well ahead of the international average. The outlook remains promising, with projections indicating that by 2034, tourism could make up 13.3% of the GCC's GDP — an estimated $371.2 billion. The average annual growth rate for the sector over the next decade is forecasted to exceed 4.2%. Intra-GCC travel has also seen a remarkable upswing. From 2019 to 2023, the number of tourists moving between Gulf countries grew at an average annual rate of 41.5%. In 2023 alone, 26.5% of all international tourists arriving in the GCC were from within the region — underlining the strength of domestic and regional tourism. These figures underscore the Gulf's rising prominence as a global tourism hub and reflect the region's strategic investments in infrastructure, hospitality, and travel experiences tailored for both regional and international visitors. News Source: Emirates News Agency
