Post by : Maya Rahman

This Wednesday, Bahrain will host the 46th GCC Summit in Manama, where leaders from all Gulf Cooperation Council nations will convene. Sultan Haitham bin Tarik will represent Oman, underscoring the nation’s pledge towards Gulf collaboration, peace, and shared prosperity.

The agenda includes evaluating political, economic, and security advancements made by GCC nations, alongside discussions on regional and global developments affecting Gulf security. Strategies to enhance economic integration, energy security, trade, investment, and collective responses to international challenges will also be on the table.

Jassem Mohammed Al Budaiwi, Secretary-General of the GCC, emphasized the significance of strengthening cooperation at all levels. He hopes that the summit in Bahrain will yield resolutions and recommendations that will enhance the Council’s role both regionally and internationally. The agenda reflects the commitment of member states to unity, progress, and public welfare.

The last summit held in Kuwait in December 2024 concentrated on economic and environmental initiatives like advancing clean energy, boosting technological investments, enhancing food security, and fostering economic integration. Joint strategic projects in transport, electrical connections, and artificial intelligence were prominently featured as well.

Economic resilience within the GCC was evident in 2024, with a 4.4 percent growth in non-oil sectors contributing to a total GDP growth of 1.9 percent. Foreign Direct Investment (FDI) inflows marked about USD 523.4 billion in 2023, signaling considerable international confidence. Intra-Gulf investments climbed from USD 88.2 billion in 2015 to USD 130.3 billion in 2023, accounting for 20 percent of the regional investment portfolio.

GCC public revenues reached USD 670.2 billion in 2024, with expenditures at USD 659.3 billion. There was a notable rise in non-oil revenues due to VAT and advanced digital financial management. Financial markets showed robust performance, with market capitalization soaring to USD 4.2 trillion.

Oman continues to advocate for GCC initiatives, including the interconnection of electrical grids, renewable energy projects, and the Gulf Railway that aims to link all member countries. Oman is also focused on enhancing trade, connectivity, and cybersecurity cooperation as part of its strategic vision.

The summit will address the introduction of a unified Gulf tourist visa, permitting travelers to access all member nations via a single visa, thereby stimulating tourism and economic activity. GCC countries are working to maintain a unified approach on global issues, ensure regional safety, and advocate for sustainable development.

Preparations have included meetings among GCC foreign ministers in Manama, where Kuwait has officially transferred the Ministerial Council presidency to Bahrain. This summit symbolizes over forty years of collaborative efforts in the Gulf region aimed at fortifying unity, cooperation, and prosperity.

#Political News #GCC News #Gulf News