The Gulf Cooperation Council (GCC) is a political and economic union of Arab states bordering the Gulf. It was established in 1981 and its 6 members are the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
GCC economies are expected to return to an aggregate growth of 2.2% in 2021, following a year of economic distress, buoyed by the global economic recovery, and the revival of global oil demand and international oil prices.
Biggest economies of GCC are the UAE (United Arab Emirates) and Saudi Arabia. Saudi ranks 19th and the UAE 30th in terms of GDP; whereas the UAE ranks 9th, and Saudi 32nd among the world’s most competitive economies, according to IMD World 2021.
GCC with a population of 58 million overall, represents 2% of the world’s GDP; and 2.6% of total global import. Major industries leading the importation volume of the Region; are electricity and electronics (57B$); pharmaceuticals and chemistry (41B$); automotive (37B$); machinery (31B$); iron, steel and metal (24B$); jewelry and gem stones (22B$); defense & aerospace (18B$); air conditioning (10B$); plastic and rubber (12B$); agriculture and livestock (12B$); processed agricultural products (8B$); ready-to-wear (7B$). The share UEA and Saudi Arabia in the total imports ranges between 65-90% of the total, depending on the industry.
Entering and doing business in GCC markets, carries its unique challenges; requiring special know-how due to its unique business culture, where trusted relationships play a major role, and language requirements. Ease of doing business is highest in UAE and Qatar; whereas logistics convenience is still an issue even in those countries.
Thus, working with a reliable, knowledgeable, door-opener and logistics-facilitator Business Partner to enter in to and expand at GCC Countries, is of utmost value.
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