Products

Use cases

Developers

Company

/

Industry

GCC x Davos

Written by

George Davis

on

Jan 24, 2024

/

Industry

GCC x Davos

Written by

George Davis

on

Jan 24, 2024

/

Industry

GCC x Davos

Written by

George Davis

on

Dec 13, 2023

GCC x WEF 2024 Davos
GCC x WEF 2024 Davos
GCC x WEF 2024 Davos

Emergence of the GCC

Founded in 1981, the Gulf Cooperation Council (GCC; Arabic: مجلس التعاون الخليجي) is a union of governments across member states:  Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The GCC is a rooted political and economic alliance

The leading objectives of the GCC include to:

  1. “Effect coordination, integration and interconnection” of member states;

  2. Align regulations across various arenas such as commerce, healthcare, education and legislation;

  3. Promote the scientific and technological advancements.

An estimated 45% of the world’s oil reserves originate from the GCC. 

The proceeds from oil reserves have allowed the bloc to develop infrastructure and invest in non-oil economies to enable diversification. The emergence of new sectors attracts a steady influx of expat workers which heightens population growth. With this transformation, the GCC is at the heart of the economic development for MENA.

The GCC growth

To highlight the collective economic strength of the bloc, here is a snapshot of the current outlook:

Infographic showing the current GCC growth snapshot for GDP, growth tracking, electricity contracts, digital economy and the tourism sector.

Emergence of the GCC

Founded in 1981, the Gulf Cooperation Council (GCC; Arabic: مجلس التعاون الخليجي) is a union of governments across member states:  Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The GCC is a rooted political and economic alliance

The leading objectives of the GCC include to:

  1. “Effect coordination, integration and interconnection” of member states;

  2. Align regulations across various arenas such as commerce, healthcare, education and legislation;

  3. Promote the scientific and technological advancements.

An estimated 45% of the world’s oil reserves originate from the GCC. 

The proceeds from oil reserves have allowed the bloc to develop infrastructure and invest in non-oil economies to enable diversification. The emergence of new sectors attracts a steady influx of expat workers which heightens population growth. With this transformation, the GCC is at the heart of the economic development for MENA.

The GCC growth

To highlight the collective economic strength of the bloc, here is a snapshot of the current outlook:

Infographic showing the current GCC growth snapshot for GDP, growth tracking, electricity contracts, digital economy and the tourism sector.

Emergence of the GCC

Founded in 1981, the Gulf Cooperation Council (GCC; Arabic: مجلس التعاون الخليجي) is a union of governments across member states:  Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The GCC is a rooted political and economic alliance

The leading objectives of the GCC include to:

  1. “Effect coordination, integration and interconnection” of member states;

  2. Align regulations across various arenas such as commerce, healthcare, education and legislation;

  3. Promote the scientific and technological advancements.

An estimated 45% of the world’s oil reserves originate from the GCC. 

The proceeds from oil reserves have allowed the bloc to develop infrastructure and invest in non-oil economies to enable diversification. The emergence of new sectors attracts a steady influx of expat workers which heightens population growth. With this transformation, the GCC is at the heart of the economic development for MENA.

The GCC growth

To highlight the collective economic strength of the bloc, here is a snapshot of the current outlook:

Infographic showing the current GCC growth snapshot for GDP, growth tracking, electricity contracts, digital economy and the tourism sector.

The GCC is attracting Foreign Direct Investments (FDIs) at more than twice the average rate than around the world when you compare it and normalize it for GDP.

- Saudi Investment Minister, Khalid al-Falih

- Saudi Investment Minister, Khalid al-Falih

Davos, Switzerland

Experts across the bloc sat down on Tuesday, 16 January, to discuss the Gulf economies.

Here’s what you should know about the leading conversations surrounding the Gulf states at Davos last week:

Key takeaways:

  • The UAE Economy Minister, Abdulla bin Touq Al-Marri, addressed the competition amongst the various states as beneficial given the steady growth across all economies. Simply put, competition drives innovation which leads to growth and job creation.

  • Growth sparks far-reaching synergies.

  • The emergence of non-oil sectors has attracted top talent in the global expat community to “build a life” in major cities across the Gulf.

  • Youth empowerment at government level has helped transform how countries such as the UAE, Saudi and Qatar operate. 

  • The GCC is attracting FDI at rates which far exceed global standards.

  • There is a key focus on private-public partnerships to encourage entrepreneurship and economic development.

  • Across industries, there is a push to invest in technological advancements, particularly AI.

  • Sustainable growth in the region is predicted based on the FDIs inflows and emergence of non-oil economies with tourism and renewables being key drivers.

We believe we are at an inflection point of increase of FDIs, as we have seen in Saudi Arabia.

- Saudi Investment Minister, Khalid al-Falih

At Fuse, we’re keeping our finger on the pulse of the GCC. It’s predicted the Gulf states will drive regional growth for MENA in 2024.

Get in touch with our team if you’d like to unlock payments across the region.

George Davis, Fuse Co-Founder & CEO
George Davis, Fuse Co-Founder & CEO

George Davis

, Co-Founder & CEO

at Fuse

George Davis

, Co-Founder & CEO

Co-Founder & CEO

at Fuse

Fuse

Subscribe to receive Fuse news and product updates.

Subscribe to receive Fuse news and product updates.

Subscribe to receive Fuse news and product updates.

© 2024 Fuse Financial Technologies Inc. All Rights Reserved.

Fuse is authorised to conduct Money Services Business by the DFSA (FRN F009516), subject to the following conditions: i. its Licence is a restricted "Innovation Testing Licence”, and it is restricted under the Licence to testing its Services; and ii. due to the restricted nature of its Licence, normal requirements and Client protections may not apply and Clients may have limited rights if they suffer loss as a result of taking part in testing of its Services.


By using this website, you accept our Terms of Service and Privacy Policy.

LinkedIn

© 2024 Fuse Financial Technologies Inc. All Rights Reserved.

Fuse is authorised to conduct Money Services Business by the DFSA (FRN F009516), subject to the following conditions: i. its Licence is a restricted "Innovation Testing Licence”, and it is restricted under the Licence to testing its Services; and ii. due to the restricted nature of its Licence, normal requirements and Client protections may not apply and Clients may have limited rights if they suffer loss as a result of taking part in testing of its Services.


By using this website, you accept our Terms of Service and Privacy Policy.

LinkedIn

© 2024 Fuse Financial Technologies Inc. All Rights Reserved.

Fuse is authorised to conduct Money Services Business by the DFSA (FRN F009516), subject to the following conditions: i. its Licence is a restricted "Innovation Testing Licence”, and it is restricted under the Licence to testing its Services; and ii. due to the restricted nature of its Licence, normal requirements and Client protections may not apply and Clients may have limited rights if they suffer loss as a result of taking part in testing of its Services.


By using this website, you accept our Terms of Service and Privacy Policy.

LinkedIn