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Gulf Cooperation Council countries' economic growth to double in 2025: report
STORY: Gulf Cooperation Council countries' economic growth to double in 2025: report
SHOOTING TIME: Feb. 21, 2025
DATELINE: Feb. 22, 2025
LENGTH: 00:01:02
LOCATION: Abu Dhabi
CATEGORY: ECONOMY
SHOTLIST:
1. various of views in the Gulf Region
STORYLINE:
The Gulf Cooperation Council (GCC) economies will outpace global growth this year, with the region's gross domestic product (GDP) growth expected to double, according to a report released Friday by the First Abu Dhabi Bank (FAB).
In its 2025 Global Investment Outlook report, the FAB, the largest bank of the United Arab Emirates (UAE), forecast that GCC economies will outpace global growth in 2025, with the region's GDP growth expected to double from 2.1 percent in 2024 to 4.2 percent in 2025, while the UAE's growth rate is projected to rise from 4.5 percent to 5.6 percent.
According to the report, titled "Shaping the Future of Investments: Artificial Intelligence and the Interest Rate Environment," the GCC's economic resilience will be supported by strategic investments, diversification and robust expansion in the non-oil sector.
GCC equity markets are expected to deliver returns of 12 percent to 13 percent in 2025, benefiting from financial stability and recovery in key sectors, the report said, adding that the UAE's Vision 2031 and Saudi Arabia's Vision 2030 are key drivers of this transformation, fostering growth in technology, startups and financial markets.
The GCC region remains a "beacon of resilience and opportunity" amid global economic uncertainty, said Michel Longhini, group head of Global Private Banking at FAB, noting that the AI-driven transformation is already reshaping industries and creating significant investment opportunities, distinguishing this trend from previous technology booms.
The report also highlighted the Middle East's shift from a major oil exporter to a global green energy hub, with investment in renewables expected to rise from 1.2 trillion U.S. dollars in 2024 to 2.4 trillion dollars by 2030. Energy investment in the region is projected to reach 175 billion dollars in 2024, with clean energy comprising 15 percent.
Founded in 1981, the GCC is a regional, intergovernmental, political and economic union comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
Xinhua News Agency correspondents reporting from Abu Dhabi.
(XHTV)
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