The Gulf Cooperation Council continued to strengthen its economic position in 2023 and 2024 as new data pointed to rising foreign investment, resilient trade, and steady fiscal growth across the region.
Figures from the GCC Statistical Center show that inbound foreign direct investment reached about US$523.4 billion in 2023. This represented roughly 80 percent of the region’s total foreign direct investment stock and reflected growing international confidence in Gulf markets. The GCC accounted for about 5 percent of global FDI inflows during the year.
Intra-GCC investments also expanded, increasing from US$88.2 billion in 2015 to US$130.3 billion in 2023. Officials attribute the rise to advances in infrastructure, technology, and modern legislation that have strengthened the region’s appeal as an investment destination.
External merchandise trade recorded modest growth of 1.1 percent in 2024 despite softer oil prices, which fell from an average of US$82.5 per barrel in 2023 to US$80.5 in 2024. Non-oil exports saw a notable increase, supported by continued efforts to diversify economies. Re-export activity also grew as the region’s logistics hubs remained highly competitive.
Public revenues reached about US$670.2 billion in 2024, a 2 percent annual increase, while public spending stood at US$659.3 billion. Governments continued to prioritize fiscal consolidation alongside investments in development, infrastructure, and social programs.
Non-oil revenues contributed more to government income following the rollout of indirect taxes and improved digital systems for revenue collection. These measures helped contain public debt and reduce servicing costs.
GCC capital markets delivered positive results in 2024, with market capitalization rising to around US$4.2 trillion. The performance was supported by stronger corporate profits, lower inflation, and increased institutional investment despite global uncertainty.
News Source: Emirates News Agency
