• GCC and EU hold talks to boost economic, political ties

    Brussels, Belgium-- The Gulf Cooperation Council (GCC) and the European Union have held talks in Brussels in order to enhance relations between the two blocs. In this connection, Jasem Mohamed Albudaiwi, Secretary-General of the Gulf Cooperation Council (GCC), today held a discussion session with members of the European Union (EU)...
  • Global economic concerns hit GCC equity performance

    Influenced by global inflation concerns and high rates, Gulf markets faced second consecutive monthly dip in September. Only Dubai and Qatari markets resisted the trend.
  • For GCC, centralized demand planning is indispensable

    Facing challenges like varied categorization and technical standards, GCC economies are turning to innovative solutions. With digital technologies and unified planning, the Gulf region aims to unlock the full potential of their industrial sectors, add the experts from Kearney.
  • UAE most competitive MENA economy

    The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.
  • GCC chief highlights importance of boosting ties with UK

    New York, US--Secretary-General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, has stressed the importance of strengthening ties with the United Kingdom, including the Free Trade Agreement (FTA), which is an essential element of the strategic partnership and will contribute to achieving common interests. This came during Albudaiwi’s meeting...
  • GCC and UK foreign ministers exhort Iraq to uphold international agreements

    New York, US-- The GCC foreign ministers and the UK foreign minister have exhorted Iraq to uphold international agreements and United Nations resolutions on the demarcation of the Kuwaiti-Iraqi borders. Foreign Ministers of the Gulf Cooperation Council (GCC) Member States and the UK's Secretary of State for Foreign, Commonwealth, and...
  • GCC ministers call upon Iraq to respect Kuwait sovereignty

    New York, United States -- At a meeting on the sidelines of the 78th session of the UN General Assembly, foreign ministers from the Gulf Cooperation Council (GCC) states and US Secretary of State Antony Blinken emphasized the importance of Iraq respecting the sovereignty of Kuwait. The ministers underscored the...
  • GCC countries hold interest rates following US Fed decision

    Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries, including the UAE and Qatar, have opted to follow suit. The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might...
  • Sharjah Chamber to host two-day Gulf-Iraq Business event

    SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq Business Forum on September 26- 27, local media reports said. The theme of the event is “Partnership for a Promising Economic Future”, and is expected to present multiple investment opportunities....
  • Gulf banks show resilient growth despite US Fed hikes

    Major banks in the UAE and Saudi Arabia, including the Commercial Bank of Dubai and First Abu Dhabi Bank, reported record profits in the first half of 2023, says a report.
  • MEA brands focus on personalized customer experience

    "Post-Covid GCC travel trends are promising: about 50% of customers plan to increase digital spending in travel and retail. With the right engagement strategies, travel brands can tap into this surge and deliver delightful customer experiences," adds Badiani, the regional vice-president at Moengage for Middle East, Africa and Turkey.
  • Gulf banks to maintain resilience despite challenges, says S&P Global

    According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected to restrain near-term growth prospects for major GCC economies. However, non-oil growth is anticipated to bolster the region's economies, particularly in Saudi Arabia and the UAE.
  • GCC looks to deepen international ties to resolve conflicts, achieve security

    Riyadh, Saudi Arabia-- The Gulf Cooperation Council (GCC) intends to deepen the process of dialogue with the international community in order to achieve achieve global security and stability, and resolve all conflicts through peaceful means. This was stated by the GCC Secretary General Jassem Mohamed Al-Budaiwi while participating in the...
  • GCC real estate transactions surge on demand increase

    GCC real estate hits $90.7 billion in the first half of 2023, a 9.9% year-on-year increase, with Dubai leading the market, contributing 54 percent to the total value.
  • GCC chief highlights private sector’s role in sustainable Gulf economy

    Manama, Bahrain--GCC Secretary-General Jassim Al-Budaiwi has emphasized the crucial role of the private sector in ensuring a sustainable and resilient Gulf economy. Al-Budaiwi made these remarks during his speech at the 62nd meeting of the Board of Directors of the Gulf Chambers, hosted by Bahrain. The meeting was chaired by...
  • GCC poised to help MENA in global trade integration

    With MENA accounting for just 7.4% of global trade in 2022, GCC's strategic initiatives and resources can pave the way for regional trade integration and global prominence.
  • UAE vows full backing for GCC economic integration by 2025

    Dubai, UAE - The United Arab Emirates (UAE) has reaffirmed its commitment to advancing the economic integration of the Gulf Cooperation Council (GCC) member states, with the ultimate aim of achieving economic unity by the year 2025 The UAE Minister of Economy Abdulla bin Touq Al Marri, Minister Bin Touq...
  • Saudi construction sector employs 3 million workers

    GCC countries employ close to 20 million foreign workers, who are subject to vastly different conditions and wags compared to the nationals.
  • A glimpse into GCC’s financial evolution

    As the winds of change blow, three major forces—regulation, consolidation, and digitization—are shaping the trajectory. These elements intertwine, creating a complex tapestry that defines success.
  • Gulf banking sector flourishes amidst rising rates

    GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks hitting a record $1.9 trillion.
  • Energy, commodity prices hurt profits of GCC firms

    GCC-listed companies' net profit dropped to US$ 57.9 billion in Q2-2023. While retail, capital goods, and utilities sectors faced profit declines, the banking sector thrived.
  • GCC facility management eyes 10% growth until 2030

    Smart FM solution providers such as CBRE optimize FM workflows with virtual maintenance, automated maintenance, and dynamic services, focusing on energy conservation
  • GCC asset management market $500bn by 2026

    Strong capital inflows, a young and growing population and growing awareness about asset management will drive the sector's growth in future.
  • Saudi Arabia’s imports from GCC countries fall by 19% in June

    Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR 5.51 billion in June, according to a recent report by the General Authority for Statistics (GASTAT). UAE accounted for 65.6 percent, or SAR 3.61 billion, of the total Saudi imports,...
  • GCC to establish partnerships with international organizations: Albudaiwi

    Riyadh, Saudi Arabia-- The GCC countries are "actively engaging" with international and regional organizations in order to establish strategic partnerships that serve their interests. This was stated by the Secretary-General of the Gulf Cooperation Council (GCC), Jassem Mohamed Albudaiwi. He made the remarks during a meeting held between the GCC...
  • Exclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economy

    In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly stand out.
  • Exclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economy

    In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly stand out.
  • Sharjah to host Gulf-Iraq business forum to ramp up economic ties

    Sharjah, UAE--Sharjah will host the first-ever Gulf-Iraq Business Forum on 26th and 27th September to boost economic ties between the GCC and Iraq. The event is an initiative of the Federation of GCC Chambers and is being organized in partnership with the Federation of UAE Chambers of Commerce and Industry...
  • GCC shows economic resilience as inflation hits globe

    GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth across the region.
  • GCC chief stresses importance of strategic partnership with US

    Riyadh, Saudi Arabia--GCC Secretary General Jasem Albudaiwi has emphasized the importance of Gulf-US strategic relations that support joint cooperation and coordination across all fields. In a statement today, he highlighted the outcome of the joint meeting which was held last June between the GCC foreign ministers and the USA. The...
  • GCC top export market for Dubai Chamber of Commerce members

    Dubai, UAE -- The Gulf Cooperation Council countries were the top destinations for exports and re-exports of Dubai Chamber of Commerce member companies during the first half of 2023. The Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, said Saudi Arabia was named the top...
  • Japan prepares to hold foreign ministers meet with GCC nations in Sept

    Tokyo, Japan -- Japan is preparing to hold a foreign ministers' meeting with the six member states of the Gulf Cooperation Council in Saudi Arabia in early September, a report said. Japan's Kyodo News said the meeting comes as Japan aims to strengthen relations with oil-producing countries in the Middle...
  • Brazilian exports to Arab countries up 8% in seven months

    Dubai, UAE -- The Arab Brazilian Chamber of Commerce (ABCC) recorded a surge of 8 percent in Brazilian exports to the Arab world during the first seven months of 2023, totaling to $10.61 billion, compared to $9.825 billion in the same period in 2022. Brazilian exports to the the kingdom...
  • GCC deals with rice shortage amid Russia-Ukraine war

    The Russian-Ukrainian war heightens global food crisis fears as India, followed by the UAE and Russia, sequentially impose rice export bans, disrupting global supply chains.
  • Gulf’s green transition: How Turkiye can lead the way

    As these countries -- including Saudi Arabia, UAE and Qatar -- progress to the next phase of their economic diversification, focusing on renewable energy technologies and cutting-edge manufacturing, Turkiye can emerge as a dependable partner, offering opportunities for technology transfer and joint development, he adds.
  • Student enrolments in GCC to grow by 1.1m in 5 years

    Saudi Arabia is expected to lead the growth, with a CAGR of 1.6 percent, while Kuwait and the UAE are projected to experience faster growth rates compared to other member nations
  • Trust for cryptocurrencies, CBDCs grows in MENA

    Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are ready to use them, says a survey.
  • Global outstanding sukuk cross $800bn for first time: Fitch Ratings

    Sovereigns were the key issuers. Fitch said the pricing of most sukuk and comparable bonds continued to be similar and highly correlated in the first half of 2023. This trend is likely to persist.
  • GCC power and water projects benefit from lower risks, government support: Report

    LONDON —Strategically important power and water projects controlled by GCC governments or government-related entities (GRE), are benefitting from the support and lower risks, according to the latest report by Fitch Ratings. GCC governments typically play multiple roles in power and water desalination projects, often controlling project companies with minority stakes...
  • Dubai leads as GCC real estate transactions soar in H1

    Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai led the market with a 57 percent increase, fueled by demand for luxury properties.
  • UAE leads the charge in GCC’s electric vehicle market

    Despite making up just over 1% of the UAE car market, EV popularity is growing, with plans to boost the electric charging network by 170% by 2025, says a report.
  • Fawry to expand into Saudi Arabia

    The money transfer firm plans to set up base across the GCC.
  • Eastward shift: GCC builds strategic ties with ASEAN

    Trade between GCC and ASEAN doubles, marking a new economic collaboration era as Saudi Arabia, Qatar, Oman, and UAE enhance ties by signing Treaty of Amity and Cooperation.
  • Strong growth key to GCC’s FDI appeal

    Saudi Arabia has reentered into this year's Kearney FDI Confidence Index, which ranks the markets likely to attract the most investment in the next three years.
  • GCC, Central Asian states pledge to boost strategic ties

    The two sides endorsed a comprehensive joint statement that called for the boosting of political and strategic ties and strengthening of cooperation in various sectors. The meeting between the two sides coming after an invitation from Saudi Arabia's King Salman stressed the importance of bolstering relations based on shared values,...
  • GCC project awards surge by 86% to $49.7bn in Q2

    The highest quarterly project awards value in over five years showcases the region's determination for diversification, and reflects the strength of GCC economies.
  • GCC becomes safe haven for expats amid uncertainty

    While Western economies continue to struggle with the aftermath, the region has shown remarkable recovery, instilling a sense of security and optimism among expatriates.
  • GCC, Japan resume Free Trade Agreement negotiations

    Jeddah, Saudi Arabia--Looking to consolidate trade and investment ties, the Gulf Cooperation Council (GCC) and Japan announced their resumption of the Free Trade Agreement (FTA) negotiations. In this regard the two sides signed a joint statement on the sidelines of the meeting held here today between Fumio Kishida, Prime Minister...
  • Qatar wealthiest Arab nation, Somalia poorest

    The Arab world is one of the most unequal regions in the world, with top 10 earners controlling more than 56% of national incom
  • Four Gulf sovereign wealth funds among world’s top ten

    Abu Dhabi Investment Authority ($853 billion) and Kuwait Investment Authority ($803 billion) ranked fourth and fifth respectively, while Saudi Arabia's PIF was sixth in terms of assets. ADIA invests, on behalf of the government of Abu Dhabi, in equities, bonds, real estate and infrastructure., with most of its investments concentrated...
  • GCC, API sign MoU to establish framework for cooperation

    Riyadh, Saudi Arabia-- Seeking to establish a broad framework for cooperation in several areas, the GCC and the Arab Planning Institute (API) have signed a a memorandum of understanding (MoU). The MoU was signed during a meeting between Jassem Mohamed Albudaiwi, GCC Secretary General of the Gulf Cooperation Council (GCC),...