Saudi Gazette report

MANAMA — Minister of Investment Khalid Al-Falih emphasized that Saudi Arabia seeks to enhance integration with Gulf countries and expand cooperation to include all Middle Eastern countries in order to confront major economies such as China, India, Europe, and America.

"This is despite the Kingdom's ability to compete with major economies alone," he said while speaking at a dialogue session in the second edition of the "Gateway Gulf Investment Forum Bahrain 2024" in Manama on Sunday.

Bahraini Finance and Economy Sheikh Salman bin Khalifa was also among those who participated in the dialogue session. A number of economic issues and future opportunities in the Gulf region were figured in the session. Al-Falih spoke about the untapped potential in the Gulf, including the possibility of establishing free trade zones with major global economies. He highlighted that the region needs to enhance economic diversification and move away from dependence on oil. "The contribution of the non-oil sector to the Saudi gross domestic product (GDP) reached 53 percent, while the percentage of government revenues dependent on oil decreased from 90 percent to 40 percent currently," he added.

For his part, Sheikh Salman bin Khalifa said that the GDP of the Gulf Cooperation Council (GCC) states is estimated at $2.3 trillion, with Saudi Arabia accounting for more than 50 percent of this GDP while the UAE makes up 25 percent. "There are expectations that the GDP would rise to $3 trillion in 2030 and perhaps $6 trillion by 2050," he said.

The Bahraini minister said that his country has begun diversifying sources of income since the 1970s, and has continued to expand in recent years. He also drew attention to the rapid development of the Saudi economy, saying that it is about 20 times larger than its Bahraini counterpart.