KUWAIT: The Gulf Cooperation Council (GCC) has made remarkable strides as a global economic bloc, ranking as the 11th largest economy in the world with a combined gross domestic product (GDP) of $2.1 trillion, according to the Statistical Center for the Cooperation Council for the Arab States of the Gulf (GCC-Stat). In a statement released to mark the 44th anniversary of the Council’s founding, which falls on Sunday, the center highlighted the significant economic achievements and strategic progress made by GCC member states. The statement, received by Kuwait News Agency (KUNA), underscored the GCC’s growing influence in global economic indicators.
GCC-Stat Director General Intisar Al-Wahibi said the total foreign reserve assets of the Gulf countries stand at $748 billion, while the combined assets of sovereign wealth funds in the region are estimated at $4.9 trillion — representing 37 percent of the total assets held by the world’s top 100 sovereign wealth funds. She noted that the GCC countries collectively contribute 30 percent of the Middle East’s renewable electricity production capacity, reflecting the region’s commitment to a sustainable energy transition. In addition, Gulf financial markets represent 4.3 percent of total global market capitalization, placing the GCC seventh globally in this regard.
Al-Wahibi highlighted the growing role of artificial intelligence (AI) in the region, stating that AI is projected to contribute 34 percent to the GCC’s GDP by 2030. She added that five GCC countries are currently among the top 50 global economies in terms of government readiness for AI, significantly outperforming the global average. She emphasized the role of GCC-Stat in supporting joint Gulf efforts by providing accurate, unified data and indicators that assist in decision-making and policy formulation, thereby advancing sustainable development objectives across member states.
Reaffirming the center’s mission, Al-Wahibi said GCC-Stat remains committed to developing statistical infrastructure, building national capacities, enhancing transparency and supporting integrated Gulf action. Based in the Sultanate of Oman, the GCC Statistical Center serves as the official body for data and statistics pertaining to the GCC countries. It also plays a key role in strengthening the work of national statistical centers and planning agencies within the region. — KUNA
