Gulf Economic Unity Takes Center Stage at AlUla Summit with 2025 Target
The final communiqué of the 41st Gulf Cooperation Council (GCC) Summit, held in AlUla, Saudi Arabia, reaffirmed member states’ commitment to accelerating progress toward Gulf economic unity, setting 2025 as the target year for achieving this strategic milestone.
The Supreme Council reviewed implementation reports related to economic and development programs, urging swift completion of studies and projects outlined in the roadmap to advance Gulf economic unity and deepen regional integration.
Payments Integration and Customs Union
Leaders approved an agreement to link regional payment systems, establishing a legal framework for financial settlements among member states.
The first operational phase of the “Afaq” Gulf payments system has already been launched between the Central Bank of Bahrain and the Saudi Central Bank, with other central banks expected to join progressively.
This initiative marks a significant step toward strengthening Gulf economic unity by enhancing cross-border financial efficiency and facilitating capital flows across the region.
Strategic Projects and Economic Security
The summit emphasized completing customs union requirements, finalizing the Gulf common market, and accelerating the GCC railway project as core integration pillars.
It also highlighted the importance of coordinated strategies for food, water, and energy security, alongside adopting Fourth Industrial Revolution technologies such as artificial intelligence and advanced communications to bolster competitiveness and long-term sustainability.
