emirates7 - The Kingdom of Bahrain is hosting the 46th Gulf Cooperation Council Summit of Their Majesties and Highnesses, leaders of the GCC states, as GCC countries advance towards a deeper phase of cooperation, moving from coordination to full integration.
GCC member states have strengthened their standing as a regional power with global influence by enhancing collective and integrated action, expanding partnerships across all sectors, and supporting development and sustainability initiatives.
The GCC economy exceeded US$2.3 trillion in 2024, with an average per capita income surpassing US$38,000, while the non-oil sector accounted for 76 percent of GDP.
The market capitalisation of GCC financial markets reached US$4.2 trillion at the end of last year, while total deposits in commercial banks operating in GCC countries rose to US$2.1 trillion in 2024, and bank assets reached US$3.5 trillion.
The GCC recorded a merchandise trade surplus of US$109.7 billion in 2024, placing it among the top five globally in terms of trade surplus. Intra-GCC trade reached US$146 billion, reflecting annual growth of 10 percent compared with 2023.
In external trade, GCC merchandise trade totalled US$1.6 trillion in 2024, representing 3.2 percent of global trade, while exports stood at US$850 billion.
GCC crude oil reserves amounted to 511.9 billion barrels, representing 32.7 percent of global reserves, and crude oil production reached 16.1 million barrels per day, equivalent to 21.8 percent of global output.
In the natural gas sector, GCC countries recorded reserves of 44.3 trillion cubic metres, or 21.2 percent of global reserves, while marketed liquefied natural gas production reached 442 billion cubic metres, accounting for 10.3 percent of global output.
Employment in the tourism sector rose to 1.7 million workers in 2024, an increase of 2.8 percent compared with 2023, while the number of hotel establishments increased to 11,200, up 1.3 percent.
The direct GDP contribution of the travel and tourism sector reached US$145.8 billion, representing 64.1 percent of the sector’s strategic target for 2030.
GCC countries have adopted ambitious goals in circular economy development and waste management, including diverting 60–90 percent of waste from landfills by 2030–2040, along with active participation in the Basel Convention to limit the cross-border movement of hazardous waste.
The GCC waste management market is estimated at nearly US$95 billion for the period 2025–2032, with an annual growth rate of 7.4 percent.
GCC states have designated around 15 percent of their land as natural reserves and invested US$300 million to reduce carbon emissions through the GCC power grid interconnection project, while contributing to the planting of 50 billion trees under the Middle East Green Initiative.
Total renewable energy capacity in GCC countries reached 14.2 gigawatts, with a target to generate more than 50 percent of electricity from renewable sources by 2050.
GCC states are investing nearly US$11 billion in global green hydrogen and green ammonia projects.
The GCC continues to enhance its global standing in social protection and human investment. Statistics that the number of retirees in GCC states has reached 950,000, with more than 450,000 dependants benefiting from pension systems. Insurance benefits exceed US$450 billion, while insured amounts surpass US$15 billion.
The GCC has also strengthened its global position in the healthcare sector, with 882 hospitals across member states. Healthcare spending in the GCC is expected to reach US$159 billion by 2029, and revenues from the digital health market are projected to reach US$1.8 billion in 2025.
GCC member states have strengthened their standing as a regional power with global influence by enhancing collective and integrated action, expanding partnerships across all sectors, and supporting development and sustainability initiatives.
The GCC economy exceeded US$2.3 trillion in 2024, with an average per capita income surpassing US$38,000, while the non-oil sector accounted for 76 percent of GDP.
The market capitalisation of GCC financial markets reached US$4.2 trillion at the end of last year, while total deposits in commercial banks operating in GCC countries rose to US$2.1 trillion in 2024, and bank assets reached US$3.5 trillion.
The GCC recorded a merchandise trade surplus of US$109.7 billion in 2024, placing it among the top five globally in terms of trade surplus. Intra-GCC trade reached US$146 billion, reflecting annual growth of 10 percent compared with 2023.
In external trade, GCC merchandise trade totalled US$1.6 trillion in 2024, representing 3.2 percent of global trade, while exports stood at US$850 billion.
GCC crude oil reserves amounted to 511.9 billion barrels, representing 32.7 percent of global reserves, and crude oil production reached 16.1 million barrels per day, equivalent to 21.8 percent of global output.
In the natural gas sector, GCC countries recorded reserves of 44.3 trillion cubic metres, or 21.2 percent of global reserves, while marketed liquefied natural gas production reached 442 billion cubic metres, accounting for 10.3 percent of global output.
Employment in the tourism sector rose to 1.7 million workers in 2024, an increase of 2.8 percent compared with 2023, while the number of hotel establishments increased to 11,200, up 1.3 percent.
The direct GDP contribution of the travel and tourism sector reached US$145.8 billion, representing 64.1 percent of the sector’s strategic target for 2030.
GCC countries have adopted ambitious goals in circular economy development and waste management, including diverting 60–90 percent of waste from landfills by 2030–2040, along with active participation in the Basel Convention to limit the cross-border movement of hazardous waste.
The GCC waste management market is estimated at nearly US$95 billion for the period 2025–2032, with an annual growth rate of 7.4 percent.
GCC states have designated around 15 percent of their land as natural reserves and invested US$300 million to reduce carbon emissions through the GCC power grid interconnection project, while contributing to the planting of 50 billion trees under the Middle East Green Initiative.
Total renewable energy capacity in GCC countries reached 14.2 gigawatts, with a target to generate more than 50 percent of electricity from renewable sources by 2050.
GCC states are investing nearly US$11 billion in global green hydrogen and green ammonia projects.
The GCC continues to enhance its global standing in social protection and human investment. Statistics that the number of retirees in GCC states has reached 950,000, with more than 450,000 dependants benefiting from pension systems. Insurance benefits exceed US$450 billion, while insured amounts surpass US$15 billion.
The GCC has also strengthened its global position in the healthcare sector, with 882 hospitals across member states. Healthcare spending in the GCC is expected to reach US$159 billion by 2029, and revenues from the digital health market are projected to reach US$1.8 billion in 2025.