Latest news with #intra-GCC
Observer
07-05-2025
- Business
- Observer
Workshop addresses private sector challenges in GCC Common Market
MUSCAT, MAY 7 The Oman Chamber of Commerce and Industry (OCCI), in collaboration with the Federation of GCC Chambers, held a workshop on May 7, 2025 to address the issues facing the Gulf private sector in the GCC Common Market context. Held at the Chamber's headquarters in Muscat, the forum brought together policymakers and business leaders to discuss key issues hindering intra-GCC trade, including cumbersome laws, customs procedures, logistics challenges, and poor access to funding for cross-border investment. Participants debated concrete measures to increase regional trade and make Gulf enterprises more competitive. The workshop also reviewed current incentives and introduced requirements needed to spur private sector development and integration. Zakaria bin Abdullah al Saadi, CEO of the Oman Chamber of Commerce and Industry, emphasized the importance of strengthening Gulf private sector cooperation in his opening remarks at a recent workshop. He emphasized the need to overcome underlying issues in trade law, financing, and investment and push for more intense economic integration within GCC nations. Al Saadi noted the Gulf Common Market is a keystone achievement and called for concrete solutions to boost its efficiency and shape regional trade goals. GCC expert Sulaiman al Balushi described the workshop as being a vital arena for GCC businessmen to air issues and provide down-to-earth suggestions. He further stated that actual discussion with policymakers is needed in order to establish real change and strengthen the area's private sector. Entrepreneur Muntaha Majid said, "Such workshops allow businesspeople to raise awareness about intra-GCC trade issues. More importantly, she added, they offer a chance to meet decision-makers and exchange views on establishing the Gulf Common Market for the benefit of the private sector and enhancing regional economic integration." Noura al Salem, Federation of GCC Chambers Senior Director of Corporate Relations and Communications, introduced the Federation's role in empowering the private sector. She stated its work in GCC initiatives, including cooperation with the GCC Secretariat, the Gulf Common Market, the Customs Union, and collaborative policy-making activities. Al-Salem also instituted the Tawasul programme—a platform focused on consolidating direct dialogue among the private and public sectors within the Gulf region. The initiative is intended to highlight opportunities in investment, consolidate economic integration, as well as resolve trade and investment challenges. Oman Chamber's Mohammed al Gharbi reported Oman's trends of trade with GCC countries based on sustained growth grounded in economic integration, upgraded logistics, and moves to improve regional business conditions. The workshop emphasized the paramount importance of joint dialogue in addressing Gulf issues and supporting the economic growth contribution of the Gulf private sector.
Mid East Info
01-05-2025
- Business
- Mid East Info
UAE underscores its commitment to continuing to develop policies and legislation that enhance the competitiveness of the GCC economies
HE Dr. Thani Al Zeyoudi: Strategic partnerships are a cornerstone in supporting the GCC's industrial growth and play a pivotal role in driving sustainable development. The meeting covered a range of topics aimed at facilitating trade and investment among the GCC countries. The latest developments within the GCC Investment Committee and efforts to support investment environment were reviewed, in addition to exploring mechanisms to overcome challenges faced by investors. Strengthening of relations between member states in the industrial sector was discussed, with participants agreeing to support collaborative efforts and the GCC Industrial Excellence Award. His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led the UAE delegation participating in the meetings of the GCC Ministerial Committees of Trade and Industrial Cooperation and Standardization Affairs, held in Kuwait. The meetings discussed a range of initiatives and topics aimed at advancing the GCC's economic environment, supporting entrepreneurial projects, and coordinating trade and legislative policies, as well as strengthening industrial relations among member states, in addition to strengthening relations between member states and supporting collaborative efforts through joint Gulf industrial work. With an aim to enhance trade and investment cooperation among the GCC countries, the meetings reviewed the latest developments in free trade agreements negotiations between the GCC and other international blocs, as well as the priorities in strengthening international partnerships and broadening access to global markets. His Excellency Dr Al Zeyoudi emphasized that the UAE is committed to promoting the GCC's economic integration, particularly in light of ongoing global economic shifts. H.E. underscored the importance of coordinated efforts in developing trade policies and legislation, supporting competitive systems, and funding entrepreneurial initiatives, as well as small and medium-sized enterprises, all of which would enhance intra-GCC trade and bolster its competitiveness in the global market. His Excellency said: 'The meetings discussed several strategic topics that are key priorities for the member states, including the adoption of a unified approach to the development of trade policies and legislation among the member states.' The meeting conducted a comprehensive review of the developments within the GCC Investment Agents Committee, key initiatives supporting GCC's investment environment, mechanisms for overcoming challenges faced by investors, and factors enhancing the attractiveness of GCC markets for investments. During the meetings, the committee reviewed the progress of work in implementing the joint Gulf action strategy in the field of patents. The meetings concluded with a review of latest developments related to a proposal to organize a number of Gulf economic forums with some commercial partners during 2025. The Industrial Cooperation Committee meeting focused on strengthening industrial relations among member states and the GCC Industrial Excellence Awards. The meeting also discussed several joint initiatives and topics aimed at boosting the competitiveness of the industrial sector and promoting intra-GCC trade. During the Standardization Affairs Committee meeting, the members approved a number of unified GCC technical regulations in the food and electric vehicle sectors, with the aim of enhancing the GCC market and facilitating trade exchange among member states. The committee also approved the internal regulations for the GCC Accreditation Center. The UAE delegation included H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy; H.E. Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology; H.E. Juma Al Kait, Assistant Undersecretary of Foreign Trade Affairs at Ministry of Economy; H.E. Safeya AlSafi, Assistant Undersecretary for the Control and Commercial Governance Sector at Ministry of Economy; H.E. Dr. Farah Al Zarooni, Assistant Undersecretary for Standardization Affairs; and H.E. Osama Amir Fadhel, Assistant Undersecretary for the Industrial Accelerators Sector at the Ministry of Industry and Advanced Technology. The meetings reflect the bloc's continued commitment to strengthening joint efforts, advancing the development of its economic and industrial sectors, and expanding opportunities for the private sector, contributing to solidifying the position of GCC countries as leading industrial and commercial hubs at both regional and global levels.
Observer
14-04-2025
- Business
- Observer
Tourism contributes 11.4% to GCC's GDP
MUSCAT: The travel and tourism sector has emerged as a key driver of economic growth in the Gulf region, contributing approximately 11.4% to the GCC's total GDP by the end of 2024. According to the latest figures from the Statistical Centre for the Cooperation Council for the Arab States of the Gulf, this translates to about RO 95 billion ($247.1 billion). Compared to 2019, the sector's GDP contribution has grown by an impressive 31.9%, underscoring the resilience and expansion of tourism-related activities across the Gulf. On a global scale, the sector's contribution to both the GCC and world GDP in 2024 stands at 2.2%. Looking ahead, projections indicate a continued upward trend. By 2034, the sector is expected to account for 13.3% of the GCC's GDP, reaching a value of RO 142.8 billion ($371.2 billion). This growth will be supported by an average annual increase of over 4.2% between 2024 and 2034. In addition, intra-GCC tourism has seen robust growth. The average annual growth rate in the number of tourists traveling between GCC countries from 2019 to 2023 reached 41.5%. Notably, travelers within the Gulf represented 26.5% of all international tourists arriving in GCC countries in 2023. These figures highlight the rising importance of regional travel and the broader tourism ecosystem in shaping the Gulf's economic future. — ONA
Bahrain News Gazette
17-02-2025
- Business
- Bahrain News Gazette
BTEA CEO Engages in GCC Tourism Ministers' Meeting in Kuwait
Kuwait City: Sara Ahmed Buhijji, CEO of the Bahrain Tourism and Exhibitions Authority (BTEA), participated in the ninth preparatory meeting of the GCC Ministers Responsible for Tourism, held in Kuwait. Buhijji highlighted the importance of strengthening tourism cooperation among GCC countries, noting that the meeting serves as a strategic platform for coordinating efforts and developing joint strategies to advance the regional tourism sector. According to Bahrain News Agency, Buhijji emphasised tourism as a key pillar of economic growth and a vital link in fostering Gulf cooperation. She reiterated Bahrain's commitment to promoting intra-GCC tourism and positioning the region as a unified destination, leveraging its advanced infrastructure and rich cultural heritage. She noted the significant progress of Gulf tourism in recent years, making it a major contributor to GCC economies. The CEO emphasised the need for high-quality tourism experiences that reflect the Gulf identity and enhance the region's global appeal. She further highlighted that joint tourism strategies would enable GCC countries to maximise their natural, cultural, and historical assets, solidifying their status as leading global destinations. She underscored the importance of developing innovative tourism products that attract international visitors, capitalising on the region's strengths in hospitality and luxury services. Buhijji highlighted Bahrain's commitment to sustainable tourism development in alignment with GCC leadership aspirations, contributing to the region's global tourism positioning. The meeting discussed key tourism-related topics, including enhancing regional cooperation, a unified GCC tourist visa, joint promotional programmes, marketing campaigns, data-sharing initiatives, and the development of tourism guidance standards across the GCC.
Observer
26-01-2025
- Business
- Observer
GCC trade ranks sixth globally in goods volume
MUSCAT: The Gulf Cooperation Council (GCC) countries have ranked sixth globally in the volume of trade in goods, according to the 2023 Foreign Trade Report issued by the GCC Statistical Centre (GCC-Stat). The region accounted for 3.4% of the global trade in goods, with a total value of $1.5 trillion in 2023, marking a 4% decline compared to the previous year. The report also highlighted the GCC's strong position in the global merchandise trade balance index, ranking third with a surplus of $163.7 billion. This, however, represents a significant drop of 57.1% from the $381.3 billion recorded in 2022. In terms of commodity exports, the GCC ranked fifth worldwide, contributing 3.1% to global exports. The total value of exports reached $823.1 billion in 2023, down 14.5% from $962.6 billion in 2022. Conversely, the region's merchandise imports increased by 13.4%, totaling $659.3 billion, placing the GCC ninth globally in the merchandise imports index. Oil exports, a cornerstone of GCC trade, saw a notable decrease of 20.5%, falling to $525.5 billion in 2023 from $661.1 billion in 2022. China remained the GCC's top trading partner in 2023, with a total trade volume of $297.9 billion, far exceeding India's $150.4 billion. China accounted for 19.2% of the GCC's total exports, valued at $158.3 billion, a 16.8% decline from 2022. On the imports side, China supplied 21.2% of the GCC's total merchandise imports, valued at $139.6 billion, up 10.8% from the previous year. The report further noted that the GCC's trade in goods (excluding intra-GCC trade) declined by 4% in 2023, reaching $1.48 trillion. While exports declined, imports grew, reflecting shifting trade dynamics within the region. The GCC continues to demonstrate resilience and strategic importance in global trade, with its top rankings in key indices and robust trade relationships, particularly with China, underscoring its pivotal role in international markets.
