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QEF Discusses GCC’s Shift Away From Oil

Panellists tackled the experience of Qatar and Saudi Arabia in this field diversifying their economies to reduce dependence on oil and gas resources as a sole source of income….reports Asian Lite News

A panel discussion was held at the Qatar Economic Forum (QEF) under the title: “Reshaping Middle East Economies” which discussed the massive transformations the economies of the Gulf Cooperation Council (GCC) states have witnessed throughout the last years, especially after they made great strides in increasingly diversifying their economies to reduce dependence on oil and gas resources as a sole source of income.

Accordingly, the panellists tackled the experience of the State of Qatar and the Kingdom of Saudi Arabia in this field. They reviewed the manifestations of these transformation in numbers, whether in terms of increasing the involvement of the non-oil sector in the gross domestic product (GDP) of these countries, increasing the rates of Gulf women’s engagement in development, or facilitating investment methods in those countries.

HE Minister of Finance Ali bin Ahmed Al Kuwari inaugurated the panel discussion and afformed that the Qatar National Vision 2030 shaped the theme of these transformations in its economic pillar, adding that Qatar has reached an advanced stage of accomplishing this vision and set three phases, the first one focused on investment in infrastructure through Qatar Investment Authority (QIA) which included railway networks, transportation and hosting major sporting events such as the FIFA World Cup Qatar 2022.

After 2022, this economic and social momentum kept focusing on the private sector and economic development centers, including human capital, education, leveraging the cutting-edge technology, environment protection based on sustainable underpinnings and developing other critical sectors, such as industry, tourism and logistical aspects, His Excellency highlighted.

HE the Minister of Finance stressed that the energy sector achieved very crucial financial revenues, and all are of foremost factors which confirm that this economic development will help the State of Qatar achieve a bright future, particularly with the targeted increase in LNG production in 2030, which will almost double the current production levels of 77 million tons of LNG annually.

In response to a question about the financial surpluses resulting from this economic boom, he pointed out that the Ministry of Finance has a financial policy framework, indicating that these surpluses will be directed accordingly, as a certain part is allocated to support the state budget, reduce public debt, support the investments of the QIA , and improve the reserves of the Qatar Central Bank. This is in addition to facing the potential for market volatility, which ensures the financial stability of the state.

He highlighted that the issue of inflation is an issue of concern to all countries of the world, and it is necessary to shed light on this economic issue and unite efforts by working with all international organizations to reduce the obstacles that exacerbate this global phenomenon, adding that the issue of financial inflation is not a worrying issue.

As for the Gulf countries, compared to the United States of America, for example, the inflation rate in the State of Qatar has reached the lowest levels in recent years. This is because of the plan in place. Of course, he said, this is a challenge for the region, and Qatar cannot exclude itself from the challenges that exist in other countries, including geopolitical issues related to conflicts and tensions, especially in Yemen, Sudan, and Palestine, affirming that these tensions pose difficulties when there is a talk about the map drawn up to achieve the vision.

HE Minister of Finance of the Kingdom of Saudi Arabia, Dr. Mohammed Al Jadaan highlighted some achievements as part of the Saudi Vision 2030, highlighting the GCC countries’ economic diversification strategies that go beyond their oil revenues to diversified, sustainable economies that empowers the private sector and youths who know how to use technology, can be entrepreneurs and be future leaders.

His Excellency added that Riyadh managed to increase non-oil revenues over the past seven years by 37 percent from 10 percent in 2016 when the Saudi Vision 2030 was introduced. The unemployment rate upped from 12.3 percent to 7.7 percent and around 2.3 million people were employed by the private sector.

He spoke about the highly important role of tourism to help the private sector further grow as part of the country’s vision, yet he added that Saudi Arabia and the whole region is battling shipping industry challenges that need to be solved. 

HE Chairman of the Board of Directors of the Islamic Development Bank Group (IsDB), Dr. Muhammad Sulaiman Al Jasser, spoke about the decades-long GCC strategies to achieve economic diversification and find a unified capital for economic development.

This economic diversification and resilient policies led to an economic revolution and prosperity that found many young entrepreneurs, he added.

He added that the GCC achieved great local human capital development thanks to the wise leaderships in all GCC countries 

He added that the GCC countries were also concerned with development beyond their borders, which was manifested in financing projects worth more than $182 billion.

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EU explores alternatives amid stalled FTA talks with GCC

The Commissioner explained that the EU already has 70 trade agreements with global partners and is keen on forging all kinds of international agreements, in particular trade agreements….reports Asian Lite News

As there is no progress in European Union-Gulf Cooperation Council talks on a free trade agreement (FTA), the EU is actively seeking alternative avenues for economic cooperation with GCC states, said Johannes Hahn, the EU Commissioner for Budget and Administration.

“We would be interested, of course, to get an agreement [with GCC], but we have not made a lot of progress. So, potentially it is also useful to look into alternatives,” he said in an exclusive interview in Dubai, without elaborating on “alternatives”.

EU, UAE aligned as soft powers

Asked whether the EU will be interested in bilateral FTA with the UAE, if no further progress in talks with GCC as a bloc, Hahn asserted the importance of exploring all opportunities.

“I think, the one [talks with GCC] doesn’t exclude the other [potential bilateral deal with the UAE]. And I think it’s important once again, to seize all the potentials and the opportunities. Because at the end of the day, if we have a strong, contractual relationship, this is conducive for both of us.”

He described the alignment between the EU and the UAE as “soft powers” that rely on economic strength and cooperation.

The Commissioner explained that the EU already has 70 trade agreements with global partners and is keen on forging all kinds of international agreements, in particular trade agreements.

“Because we believe this is safeguarding a global order, which is based on agreements and treaties and not on the power of weapons.”

EU bonds

The EU Commissioner was in Dubai to speak at a conference titled “Europe: the opportunity for global investors” on Wednesday.

Talking about the positive reception of EU bonds, particularly green bonds, at the conference, he emphasised the role of these bonds in economic recovery and resilience of Europe, and green bonds facilitating a clean transition not just within the EU but globally.

The EU expects to become the world’s fifth-largest bond issuer within the next two to three years, reaching a total issuance volume of nearly €1 trillion (US$1.07 trillion/ AED3.67 trillion), Hahn said.

He explained that the funds raised from green bonds will be used for various green initiatives, including renewable energy production, energy efficiency, circular economy projects and smart city development.

The Commissioner said the EU is a global leader in issuing green bonds, expecting to reach around €250 billion.

Gender equality, diversity at workplace

About the EU’s commitment to gender equality and diversity in the workplace, he detailed the efforts to create a flexible working environment and promote gender balance at managerial levels.

The official acknowledged the need to catch up in reflecting the diversity of EU society within the Commission’s staff composition. However, he highlighted significant strides in gender equality, with the organisation nearing its target of 50 percent female representation at the managerial level by the end of the current mandate.

He expressed the EU’s interest in potential cooperation with the UAE in exchanging ideas and best practices on gender equality and diversity in the workplace.

Digital transformation, AI

Hahn discussed the EU Commission’s commitment to digitalisation, including investing in artificial intelligence (AI) within the public administration. He emphasised the importance of improving interoperability between member states’ public administrations and highlighted the successful development of a sophisticated e-translation programme that handles the 24 official languages within EU.

“Our translators have translated 2.8 million pages in 24 languages, and this is only achievable with e-translation. This has also reduced the number of translators by 40 percent over the years.”

He acknowledged the potential for cooperation with the UAE in areas such as AI research and innovation, combating disinformation, fake news and sharing expertise. (By Binsal Abdulkader)

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UAE backs GCC efforts to enhance intra-regional trade

Dr Thani Al Zeyoudi confirmed that the UAE is committed to supporting the GCC’s efforts in boosting regional integration and prosperity…reports Asian Lite News

UAE Minister for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi has led a high-level UAE delegation at the 66th GCC Trade Cooperation Committee meeting in Doha yesterday.

The meeting sought to enhance the GCC economic landscape by promoting regional trade opportunities, supporting entrepreneurs and SMEs, establishing new frameworks for investment and advancing progress on the GCC Commercial Arbitration Center. The session also explored potential amendments to commercial laws on consumer protection, competition regulations, e-commerce, and digital trade.

The UAE delegation included Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy; Abdullah Sultan Al Fan Al Shamsi, Assistant Undersecretary of the Ministry of Economy for the Control and Commercial Governance Sector; and Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Affairs.

Dr Thani Al Zeyoudi confirmed that the UAE is committed to supporting the GCC’s efforts in boosting regional integration and prosperity, stating that it serves the interests of all member states, enhances the competitiveness of local businesses, and fosters partnerships in key economic sectors.

He said: “We very much welcome the Trade Cooperation Committee’s ongoing efforts to boost the regional business environment, particularly in regards to attracting foreign investment, prioritizing support for SMEs, expediting business startup programs, easing export procedures, amending the rules and regulations governing trade, and promoting investment flows among member nations under the GCC Free Trade Agreement. It’s clear the committee’s work will help generate investment prospects for local entrepreneurs and project owners and enhance the sustainability, growth, and global competitiveness of GCC economies.”

During comprehensive discussions on ways to invigorate the GCC business landscape and foster collaboration frameworks among member states, the committee highlighted the need to streamline import and export processes and prioritize GCC SMEs in government tenders.

The Committee also deliberated on various mechanisms to assist to the region’s entrepreneurs. These strategies include implementing training programs, facilitating the exchange of expertise and experiences, promoting investment and partnerships, initiating business accelerator and establishment programs, as well as facilitating the registration of patents across all member states. The objective is to harness the growth enablers of the private sector.

The meeting emphasized the significance of establishing an investment committee that will focus on the advancement of local and intra-regional investments, attracting FDI and fostering partnerships with regional economic blocs and organizations. In addition to benefiting member states and their economies, an investment committee will also create opportunities for cooperation with GCC partners and investment ecosystem stakeholders.

The Committee members reviewed the most recent advancements in the Commercial Arbitration Center, and assessed amendments to the commercial laws and regulations in GCC member states that are seeking to keep pace with technological advancements and economic shifts, particularly in areas such as the regulation of competition and consumer protection. The Committee also highlighted the importance of establishing a unified GCC legislation for commercial franchising, which would effectively regulate the legal relationship between franchisors and franchisees. Ultimately, this initiative aims to promote trademark and franchise expansion among member states.

Another area of focus was the establishment of a legislative framework for electronic and digital commerce among the GCC countries, ensuring adherence to the procedural regulations of each country. The objective is to promote and strengthen electronic and digital commerce within the member states’ markets. Additionally, there is an emphasis on leveraging their collective expertise in this field.

The Committee also evaluated the arrangements for the second China-GCC Economic and Trade ministerial meeting. It discussed preparations for the accompanying forum, as well as planning for the first session of the China-GCC Forum on Industrial and Investment cooperation, which will be hosted by China this month. The goal of these meetings is to enhance economic and trade collaboration, particularly in areas such as investment, industry, and technology. Additionally, these efforts aim to establish a free trade agreement between China and the GCC, which would benefit both parties.

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GCC, Uzbek officials meet ahead of ministerial meeting

The meeting, scheduled to be held on April 15 in Tashkent, will gather ministers of foreign affairs from the GCC and Central Asian countries…reports Asian Lite News

The secretary-general of the Gulf Cooperation Council, Jasem Albudaiwi, met Uzbekistan’s Minister of Foreign Affairs Bakhtiyor Saidov in the capital Tashkent on Sunday.

During the meeting, they discussed preparations for the second ministerial meeting of the Strategic Dialogue between the GCC and Central Asian countries.

The meeting, scheduled to be held on April 15 in Tashkent, will gather ministers of foreign affairs from the GCC and Central Asian countries.

Albudaiwi said GCC countries attach great importance to their relations with Central Asian nations, stressing that holding the joint ministerial meeting less than a year since their first summit is a testament to these countries’ keenness to advance relations at all levels and in all fields.

According to Albudaiwi, discussions are expected to focus on political coordination and collaboration in investment and economy, mainly digital economy, and green energy security and use.

Earlier, Faisal Al-Rawas, chairman of the Federation of the GCC Chambers, said the strategy is focused on developing agricultural, livestock, and fishery projects to achieve added value to the food industries, enabling the countries to achieve food security and sustainability for their citizens, the Saudi Press Agency reported.

This comes amid challenges such as climate change, water scarcity, natural disasters, and population growth, prompting GCC governments to implement strict policies to limit the export of agricultural and livestock products to achieve self-sufficiency.

Al-Rawas also drew attention to the fact that the GCC countries have launched several initiatives, projects, and incentives to boost investment in the agriculture and livestock sector.

He stressed the need for the private sector to participate in developing the strategy in the fields of agriculture, animal husbandry, and fisheries as well as supportive service sectors to increase food products and commodities.

The GCC official pointed out that the federation has conducted studies to enhance integration in achieving food security, indicating that the added value of the agriculture and fisheries sectors in the Gulf economy amounted to about $30.5 billion.

The volume of investment in food technology in the GCC countries amounted to about $3.8 billion, and the contribution of the agriculture and fisheries sector to the gross domestic product reached 1.8 percent.

Moreover, the number of Gulf companies in the agricultural and livestock sector has grown to 20 percent.

In February, Juan Carlos Motamayor, CEO of the food company Topian, a NEOM subsidiary, told Arab News that Saudi Arabia is set to become a pioneer in food security as it develops systems and solutions that can be rolled out “across the planet.”

He highlighted that this includes introducing new technologies urgently needed to feed humanity today and in the coming decades.

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GCC, EU Discuss Schengen Visa Waiver For GCC Citizens

Al-Budaiwi also met with Beate Gemender, Acting Director-General of the European Commission’s Directorate for Migration and Home Affairs…reports Asian Lite News

Jasem Mohamed Al Budaiwi, Secretary-General of the Cooperation Council for the Arab States of the Gulf (GCC), and Enrique Mora, Deputy Secretary-General of the European Union’s (EU) External Action Service, discussed GCC-European bilateral relations in light of the strategic partnership between the GCC and the EU, including discussions on the visa waiver process for GCC citizens in the Schengen area.

According to the Saudi Press Agency (SPA), the meeting held in Brussels on Monday discussed ways to enhance cooperation between the GCC and the EU and emphasised the importance of collective action between the two sides to address current challenges.

Meanwhile, Al-Budaiwi also met with Margaritis Schinas, Vice-President of the European Commission responsible for promoting the European way of life in the European Commission in the Belgian capital, Brussels.

During the meeting, Al-Budaiwi emphasised the importance of unifying all efforts that contribute to promoting the concepts of human life, especially in light of the conflicts and crises that have claimed the lives of innocent people worldwide.

During the meeting, the two sides stressed the need to enhance coordination and consultation between the two sides to achieve the concepts of security and stability, deepen mutual trust, and cooperate in all areas of “common interest” in order to achieve common interests, including respect for all viewpoints, principles and concepts.

Several topics were also discussed, most notably a review of the strategic and close relations between the Gulf Cooperation Council and the European Union, in addition to discussing the latest developments related to the process of exempting citizens of the GCC countries from the Schengen visa, and exchanging views on the latest developments in the issues raised on the regional and international arenas.

Al-Budaiwi also met with Beate Gemender, Acting Director-General of the European Commission’s Directorate for Migration and Home Affairs.

During the meeting, several topics were discussed, most notably the Schengen visa exemption process for citizens of the GCC countries, the cooperation mechanism between the GCC and the European Union in the field of migration and development, and a review of the efforts of the two sides in this field and ways to develop and enhance them in a way that serves common goals.

Beate Geminder also praised the efforts of the GCC countries towards strengthening cooperation with the European Union, in many fields, especially mentioning cooperation in the field of combating terrorism, and the constant keenness of the GCC countries to communicate with the European side, and to hold joint workshops in this field. In a 

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IPS 2024: Gateway for Investors Eyeing Growth in GCC Real Estat

Dubai received 14.36 mn int'l visitors in 2022, close to pre-Covid levels.

Dubai and Abu Dhabi played a pivotal role, contributing over 48% of the total transaction value in line with Dubai Economic Agenda D33 and Abu Dhabi Economic Vision 2030, respectively. …reports Asian Lite News


The Gulf Cooperation Council (GCC) real estate market is witnessing remarkable growth. The International Property Show 2024 (IPS) at the Dubai World Trade Centre, scheduled for February 27-29, 2024, serves as the prime platform for global investors to discover and seize opportunities in this thriving market.

The GCC real estate market’s remarkable growth is further underscored by the projection that its value will reach US$4.43 trillion by the end of 2023, according to a Statista report. Residential real estate dominates the GCC market with a projected volume of US$2.98 trillion, displaying a steady annual growth rate (CAGR 2023-2028) of 2.65%, expected to reach US$5.05 trillion by 2028.

The buoyant UAE property sector has been a driving force, with real estate sale transactions across the GCC reaching an impressive $143.1 billion from January to October 2022, as per a comprehensive report by Kamco Invest. This figure surpassed the full-year total of $136.9 billion in 2021, showcasing the robust performance of the region’s real estate sub-segments.

Abu Dhabi

Dubai and Abu Dhabi played a pivotal role, contributing over 48% of the total transaction value in line with Dubai Economic Agenda D33 and Abu Dhabi Economic Vision 2030, respectively. Meanwhile, Saudi Arabia added 35.6% to the total transaction value, in line with its Saudi Vision 2030, hence solidifying the region’s upward trajectory.

The Kamco report also highlighted an 81% surge in value transacted in Dubai, propelled by demand for luxury residential properties and robust revenues in the affordable segment. The average value per transaction in Saudi Arabia and Dubai increased by 35.5% and 12.2% respectively, indicating rising end-user demand and strong investment appetite.

Considering these numbers, IPS 2024 provides the ideal platform for investors, developers, and industry professionals to delve into the thriving GCC real estate market. The event promises exclusive insights, networking opportunities, and a chance to explore lucrative investment options in the evolving real estate landscape of the Gulf region.

IPS will also contribute to enhancing opportunities for knowledge and experience sharing among exhibitors, key players of the real estate market, government officials and agencies, and visitors. The event will also serve as a platform for forging new agreements and partnerships, to strengthen the connections between the real estate market stakeholders from different countries of the GCC region.

To be held in partnership with the Dubai Land Department, IPS 2024 attracts exhibitors from over 140 countries around the world, including India, United Kingdom, Turkey, Pakistan, Saudi Arabia, Qatar, Oman, and Egypt, in addition to the United Arab Emirates. For its 20th anniversary run, IPS will also feature a diverse range of events that fall under its 11 main pillars, namely IPS Exhibition, IPS Conference, IPS Oscars, IPS Future Cities, IPS Connect, IPS Finance, IPS Women, IPS Youth, IPS Studio, IPS PropTech, and IPS Design, which are set to be organized not just once but throughout the whole year.

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‘India Working to Elevate GCC Ties in Hydrocarbon Sector’

Given India’s energy security needs, the committee urged the government to sustain momentum and actively pursue efforts to expand the energy partnership, including investments in renewable energy…reports Asian Lite News

India’s diplomatic ties with the Gulf Cooperation Council (GCC) in the hydrocarbon sector are evolving towards a strategic partnership, according to the Ministry of External Affairs (MEA), as conveyed to a parliamentary panel. The GCC, consisting of influential nations such as the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait, plays a crucial role in India’s energy landscape.

In a report presented in the Lok Sabha, the parliamentary committee on external affairs highlighted the MEA’s emphasis on enhancing the existing buyer-seller relationship with GCC countries to a strategic partnership. The total trade volume between India and the GCC reached USD 184.46 billion in the fiscal year 2022-23, with exports at USD 51.27 billion and imports at USD 133.19 billion. The trade deficit is attributed to India’s heavy reliance on Gulf nations for energy, particularly oil and gas imports.

Given India’s energy security needs, the committee urged the government to sustain momentum and actively pursue efforts to expand the energy partnership, including investments in renewable energy. Responding to inquiries about strengthening relations with GCC countries and Iran for regional security, the MEA emphasized India’s commitment to dialogue and diplomacy for peaceful conflict resolution in the Gulf region.

The committee acknowledged the pivotal role of India’s relations with the GCC in global politics but expressed concerns about the potential threat posed by the presence of China and Pakistan in the Gulf region. The MEA assured the committee that India continues to strengthen historical ties with GCC nations and is collaborating with like-minded countries through initiatives such as the I2U2.

The I2U2 is a strategic grouping involving India, Israel, the United States, and the UAE, focusing on joint investments in areas like water, energy, transportation, space, health, and food security. It aims to leverage private sector capital and expertise to modernize infrastructure, reduce carbon emissions, improve public health, and promote critical technologies.

Recognizing the Gulf region as India’s extended neighbourhood critical for trade, investment, energy, and the security of Indian residents, the committee urged the government to deepen political, economic, and cultural ties with GCC countries. It emphasized the importance of collaboration to create a robust architecture for the safety and security of the region, including a coordinated response mechanism to address threats.

In summary, India’s engagement with the GCC in the hydrocarbon sector is evolving into a strategic partnership, reflecting the countries’ mutual interests. The report underscores the significance of diplomatic efforts to strengthen ties, address regional security concerns, and promote collaborative initiatives for sustainable development.

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Al Bowardi Attends GCC Defence Council in Muscat

Mohammed bin Ahmed Al Bowardi, led the country’s delegation in a meeting focusing on common interests and strategies to boost defense collaboration among GCC member states…reports Asian Lite News

The UAE participated in the 20th meeting of the GCC Joint Defence Council, which convened in the Omani capital Muscat.

Mohammed bin Ahmed Al Bowardi, UAE Minister of State for Defence Affairs, headed the UAE’s delegation to the meeting, which discussed a set of topics of common interest and ways to enhance defence cooperation between GCC member states.Deputy Prime Minister of Defense Affairs in the Sultanate of Oman Shehab Al-Said the UAE minister.

Achievements made in the joint defence field were also reviewed during the meeting.

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Green Projects Could Boost GCC Economy to $13T by 2050

The UAE has invested more than US$40 billion in clean energy over the last 15 years, and has plans to invest an additional US$163.5 billion (Dh600 billion) in clean and renewable energy sources over the next three decades on the road to net zero.

The combined Gross Domestic Product (GDP) of the hydrocarbon-rich Gulf countries could more than double from a projected US$6 trillion to US$13 trillion by 2050, if the countries embrace a green growth strategy, according to a research report, Gulf Investment Report 2023, published by Century International Holdings Ltd, that is released at the World Investment Forum 2023 currently underway in Abu Dhabi.

The combined GDP of the GCC countries has already touched the US$2 trillion mark. Investment in green and sustainable projects could transform the region a global economic powerhouse.

“Gulf Investment Report 2023 has been initiated by Century Group as a knowledge series developed through in-depth data compilation for the wider industry stakeholders that will help them chart their future growth strategy and re-adjust their expansion plan as per the ground reality,” Bal Krishen Rathore, Chairman of Century International Holdings Ltd (CIHL), said.

However, the economic potential of the Gulf countries is not reflected in the global Foreign Direct Investment (FDI) ranking published every year in the annual World Investment Reports released by the United Nations Conference on Trade and Development (UNCTAD).

Total FDI flow into the GCC region declined 17.91 percent to US$37.12 billion in 2022, down from US$45.22 billion recorded in 2021, despite the UAE recording a 10 percent increase in FDI from US$20.66 billion in 2021 to US$22.73 billion in 2022, according to the World Investment Report 2023.

This is lower than the US$46.96 billion FDI attracted by Sweden last year and way below than the US$117.73 billion FDI received by Hong Kong or the US$141.21 billion FDI attracted by Singapore.

Despite this decline, the total FDI inflow into the GCC countries more than doubled in six years, reaching US$37.12 billion in 2022, up from US$15.52 billion in 2017 – which demonstrates a strong growth in the overall investment landscape.

GCC region’s inward FDI stock rose to US$529.78 billion at the end of 2022. This is at the backdrop of a 12 percent decline in global FDI flow to US$1.3 trillion in 2022, according to the Gulf Investment Report 2023.

However, in the GCC, the UAE stands out in terms of attracting investment. FDI inflow of US$22.73 billion into the UAE in 2022 represents 61.24 percent of the total FDI inflow of US$37.12 billion into the GCC in 2022, the records show. The UAE ranks fourth globally in greenfield investment projects with the number of projects reaching 997 in 2023, according to the World Investment Report 2023.

“The GDP of the GCC region has already touched the US$2 trillion mark. If the GCC countries continued business as usual, their combined GDP would grow to an expected US$6 trillion by 2050. However, embracing a green growth strategy could see the GCC GDP grow to over US$13 trillion by 2050,” World Bank said in an economic update.

Issam Abou Sleiman, Regional Director of World Bank in the MENA region, said, “The GCC economies have been a bright spot in an otherwise dark economic landscape. Average growth in the GCC surpassed 7 percent in 2022 led by Saudi Arabia, its biggest economy, which was globally the fastest growing large economy.

“The transition to a low-carbon economy has been accelerated by high oil and gas prices and the need for greater energy security in the wake of the war in Ukraine. Renewable energy industries will witness trillions of dollars of new investment as well as opportunities in upstream and downstream industries.

“The region also has the potential to be a lead producer of green and blue hydrogen. With the right regulations, policies, and investments to support the transition, GCC countries can emerge with stronger, more sustainable economies that generate rewarding jobs for their youth while simultaneously protecting the planet.”

The GCC countries have been attracting investment from all over the world for quite some time now. Information on investment have been published in bits and pieces in a scattered manner without coordination.

Habiba Al Marashi Al Hashimi, Co-Founder & Chairperson of the Emirates Environmental Group

And Board Member of Global Investors for Sustainable Development Alliance, said, “There has been a gap in putting together a comprehensive economic research book on investment across all economic sectors. As the region gains significance in the global community and aligns itself with the global growth and development, it becomes imperative for us to study, analyse and generate conclusion based on real data so that we, the industry stakeholders can map the future direction and trends.

“For example, environment and sustainability has gained momentum now, while some of us have been campaigning for it for the last three decades. I am glad to know that CIHL has undertaken this significant step through Gulf Investment Report 2023 to fill up this important knowledge gap.

“It is heartening to know that Gulf Investment Report 2023 also highlights investment in clean, green energy and environmental sustainability – areas in which the UAE has taken a leadership role in the region and the world – through the launch of Masdar – the world’s first carbon-neutral urban development, the development of the region’s first nuclear power plant, as well as the development of the world’s largest solar park – Mohammed Bin Rashid Solar Park, just to name a few.

“The UAE is investing heavily in clean and renewable energy. Despite being an oil producing country, the UAE has invested more than US$40 billion in clean energy over the last 15 years, and has plans to invest an additional US$163.5 billion (Dh600 billion) in clean and renewable energy sources over the next three decades on the road to net zero.”

The astonishing economic growth of the GCC countries, particularly the United Arab Emirates (UAE), over the past five decades is nothing short of a remarkable economic miracle. However, this remarkable growth story has often lacked comprehensive, updated statistics and credible information that researchers can use to dissect and analyse the region’s economic evolution. The Gulf Investment Report 2023, spearheaded by Century Financial Group, endeavours to address this critical gap in economic research.

GCC countries can realise up to US$300 billion in foreign direct investment if they move quickly to seize the opportunity of becoming a centre for Global Value Chains (GVC) that are being reconfigured towards resilient and sustainable industries, according to a report by Strategy&.

The member countries of the GCC region have been relaxing their investment regime to allow greater foreign investment. Some of the member states including the UAE, Bahrain and Qatar now allow 100 percent foreign ownership in businesses and they have eliminated the mandatory requirement of a local partner in the mainstream on-shore businesses in most categories of businesses.

In 2019, the UAE Government launched the 10-year Golden Visa scheme – that has helped attracted a large pool of investors to not only invest in the UAE economy, but also to relocate their businesses in the UAE. In selected cases, the UAE Government also had started giving UAE passports to investors who fulfil certain criteria.

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GCC, ASEAN Leaders Seek Peace in Gaza

President H.H. Sheikh Mohamed bin Zayed Al Nahyan is leading the UAE delegation to participate in the joint summit of the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN) in Riyadh….reports Asian Lite News

Saudi Crown Prince Mohammed bin Salman emphasized the Kingdom’s unwavering support for achieving a just resolution to the Palestinian issue during his opening speech at the inaugural Gulf Cooperation Council-Association of Southeast Asian Nations Summit held in Riyadh. He expressed deep concern over the escalating violence in Gaza, which has led to innocent civilians bearing the brunt, and firmly condemned the targeting of civiliants.

Indonesian President Joko Widodo, who led the 10-member ASEAN this year, echoed these sentiments, calling for an end to the violence in Gaza in accordance with international laws. Crown Prince Mohammed underscored Saudi Arabia’s commitment to enhancing its relations with ASEAN countries across various sectors.

While the GCC and ASEAN established their relations in 1990, this summit marked their first meeting, aimed at optimising collaboration between the two regional groups. The ASEAN delegation was led by ASEAN Secretary-General Dr. Kao Kim Hourn, and the summit concluded with the issuance of a joint statement outlining the outcomes and cooperation plans for the period from 2024 to 2028.

For Southeast Asian leaders, this gathering provided an opportunity to seek support from Gulf states on matters pertaining to energy security. The GCC comprises Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, and the UAE, while the ASEAN bloc consists of Indonesia, Malaysia, Singapore, Thailand, Vietnam, Brunei Darussalam, Cambodia, Laos, Myanmar, and the Philippines. The current trade value between ASEAN nations stands at more than $110 billion.

MBZ Arrives in Riyadh

President His Highness Sheikh Mohamed bin Zayed Al Nahyan has arrived in the Saudi capital, Riyadh, leading the UAE delegation to participate in the joint summit of the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN). The summit commenced today in the Kingdom.

Upon arrival at King Khalid International Airport in Riyadh, His Highness was received by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, along with other high-ranking officials.

The UAE delegation to the summit includes H.H. Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi; H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs; Ali Mohammed Hammad Al Shamsi, Secretary-General of the Supreme Council for National Security; Dr. Anwar Gargash, Diplomatic Adviser to the UAE President; and Sheikh Nahyan bin Saif Al Nahyan, UAE Ambassador to the Kingdom of Saudi Arabia.

Fresh Wave of ME Protests Expected

Fresh protests against Israel’s siege of Gaza are expected across much of the Middle East on Friday as aid agencies warned hospitals in the enclave are running out of fuel amid fears life-saving aid will be still stuck in Egypt for another day.

With the humanitarian crisis in Gaza deteriorating each hour, Israeli leaders have been rallying troops preparing for a potential ground incursion and on Friday morning they issued a mandatory evacuation order to some 23,000 residents living near the border with Lebanon, CNN reported.

Israeli warplanes’ relentless bombardment has left hundreds of thousands of people homeless and sparked growing protests across the Middle East.

Egypt’s state-aligned political parties and institutions have called for nationwide protests in Egypt on Friday in support of Palestinians, a rare moment during a decade of strict anti-protest laws, CNN reported.

European Commission President Ursula von der Leyen said on Thursday that the risk of regional spillover from the Israel-Hamas war is “real”.

“We have seen the Arab streets fill with rage, all across the region… This is exactly what Hamas was hoping to achieve. And this can derail the recent and historic rapprochement between Israel and its Arab neighbours,” von der Leyen said during a speech at the Hudson Institute in Washington.

With anti-Israel protests rising across the Middle East there are fears other fronts could open up, particularly on Israel’s northern border with Lebanon where Hezbollah dominates and has increasingly clashed with Israel’s military over the last week.

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