.jpg?20251206')
Abu Dhabi: Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), participated in the 7th Milken Institute Middle East and Africa Summit, held under the theme "Global Overview: Innovation, Partnerships, and Growth" in Abu Dhabi.
The event brought together ministers, senior officials and experts from government and private sectors from around the world.
Albudaiwi said that the strategic geographical location of the GCC states, their political stability and the strength of their economic foundations, in addition to the progress of Gulf integration projects, have positioned the GCC as an attractive global destination for investment and an important platform for international partnerships.
He noted that these elements support the GCC's standing as a significant contributor to shaping the future of the global economy.
Albudaiwi reviewed global economic developments and their impact on the region.
He highlighted that the Gulf economy is witnessing a strong and sustainable phase, supported by economic reforms and strategic investments in future-oriented sectors.
Albudaiwi noted that the Gross Domestic Product (GDP) of the GCC states reached approximately USD 2.3 trillion in 2024, placing the GCC ninth globally and accounting for 63 % of the total Arab economy.
He added that non-oil sectors contributed more than 76 % of GDP, reflecting progress in economic diversification policies.
Albudaiwi also highlighted the strength and stability of the GCC’s financial sector, noting a market value exceeding USD 4.2 trillion, banking assets of USD 3.5 trillion and reserves approaching USD 800 billion.
He added that sovereign wealth funds exceed USD 4.8 trillion, reinforcing the GCC’s role in supporting global economic stability.
Albudaiwi emphasised that the GCC is advancing free trade agreement negotiations with several international partners, including the United Kingdom, China, Türkiye, Japan, Indonesia, New Zealand, Pakistan and South Korea.
These negotiations aim to enhance trade and investment flows, diversify income sources and open new markets for Gulf products.
He noted that this approach helps strengthen competitiveness and reduce consumer costs in the GCC states.
On the topic of Artificial Intelligence (AI), the Secretary General confirmed that the GCC views AI as a central pillar for economic and social transformation.
He said that the General Secretariat has adopted several regulatory frameworks and guiding principles, including the Guiding Framework for AI Ethics (2024), the General Framework for AI Applications in Public Services (October 2025), and the General Framework for Climate Forecasting and Disaster Management using AI (October 2025).
Albudaiwi added that the Gulf Strategy for Artificial Intelligence is scheduled for adoption in December 2025.
&uuid=(email))