The Saudi capital, Riyadh, witnessed the unveiling of a World Bank report at the United Nations headquarters. The report indicated that economic growth in the Gulf Cooperation Council (GCC) countries is expected to rise to 3.2% in 2025 and 4.5% in 2026, driven by continued expansion in non-oil sectors.

The report noted that the region recorded economic growth of 1.7% in 2024, compared to 0.3% in 2023, while the non-oil sector grew by 3.7%.

Despite these positive indicators, the report warned of existing challenges, most notably the uncertainty surrounding global trade and the associated risks of a global economic slowdown that could negatively impact the region.

The session saw the prominent attendance of several economic experts, including the Director of Research and Studies at the Saudi Ministry of Finance and the World Bank’s Regional Director for GCC countries, alongside other specialists to discuss the report’s key findings.

The report, titled “Smart Spending and Stronger Economic Outcomes,” reviewed public finance policies in GCC countries and discussed a range of indicators and figures related to the region’s economic performance. It also focused on smart spending, fiscal reforms, and reducing reliance on oil revenues—factors that, according to the report, contributed to strong financial results in Gulf states.

Riyadh

Riyadh is the capital and largest city of Saudi Arabia, located in the heart of the Arabian Peninsula. Historically a walled oasis and trading hub, it became the center of the First Saudi State in the 18th century and later the modern Saudi kingdom after its unification by King Abdulaziz Al Saud in 1902. Today, Riyadh is a bustling metropolis blending modern skyscrapers, such as the Kingdom Centre, with historic sites like Diriyah, the original home of the Saudi royal family and a UNESCO World Heritage Site.

United Nations headquarters

The United Nations Headquarters, located in New York City, serves as the primary meeting place for the UN, an international organization founded in 1945 to promote peace, security, and cooperation among nations. The complex, built between 1949 and 1952, features iconic structures like the General Assembly Hall and the Secretariat Building, designed by architects including Le Corbusier and Oscar Niemeyer. It symbolizes global diplomacy and hosts key discussions on international issues.

Gulf Cooperation Council

The **Gulf Cooperation Council (GCC)** is a political and economic alliance established in 1981, comprising six Middle Eastern countries: Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain, and Oman. Its primary goals are to foster regional cooperation, economic integration, and collective security among member states. The GCC has played a significant role in trade, infrastructure projects, and diplomatic coordination, though it has faced challenges such as the 2017 Qatar diplomatic crisis.

World Bank

The **World Bank** is an international financial institution established in 1944 to help rebuild economies after World War II and promote long-term economic development. Today, it provides loans, grants, and expertise to low- and middle-income countries for projects aimed at reducing poverty and fostering sustainable growth. Comprising five institutions, the World Bank Group focuses on areas such as infrastructure, education, and climate resilience.

Saudi Ministry of Finance

The Saudi Ministry of Finance, established in 1932 alongside the founding of modern Saudi Arabia, oversees the nation’s fiscal policies, budget management, and economic development. It plays a key role in implementing financial reforms under Vision 2030, diversifying the economy beyond oil. The ministry reflects the kingdom’s historical and ongoing efforts to modernize its financial systems while maintaining stability.