Gulf Industrial Sector Grows by 8% Reaching $434 Bln

The Sultanate of Oman hosts meetings of the Ministers of Commerce and Industry and the 6th Ministerial Committee for Standardization Affairs.
The Sultanate of Oman hosts meetings of the Ministers of Commerce and Industry and the 6th Ministerial Committee for Standardization Affairs.
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Gulf Industrial Sector Grows by 8% Reaching $434 Bln

The Sultanate of Oman hosts meetings of the Ministers of Commerce and Industry and the 6th Ministerial Committee for Standardization Affairs.
The Sultanate of Oman hosts meetings of the Ministers of Commerce and Industry and the 6th Ministerial Committee for Standardization Affairs.

Oman’s Minister of Commerce, Industry and Investment Promotion, Qais bin Mohammed al Yousef said that industry is a key economic sector at the level of the GCC countries.

It ranks second among the member countries with a contribution of more than 12.2 percent, he added.

This sector grew by 8 percent during 2022 compared to 2021, reaching $434 billion.

The city of Salalah witnessed the inauguration of the first Gulf industrial exhibition, on the sidelines of the 65th Trade Cooperation Committee, the 51st Industrial Cooperation Committee, the 6th Ministerial Committee for Standardization Affairs, and the consultative meeting between Commerce and Industry ministries and heads of federations and chambers of the GCC states in the period between 13-15 September.

Al-Youssef noted that the GCC countries achieved a growth of more than 6 percent in the Gulf economy during 2022 and their GCD passed $2.4 trillion. It is further expected to reach $6 trillion in 2050.

GCC intra-trade exceeded $107 billion, added the minister, noting that the sovereign fund financial assets at the GCC countries surpassed $3225 billion.

The 65th GCC Trade Cooperation Committee meeting discussed several important topics, including the creation of a permanent committee concerned with investment, taking a decision regarding the trade and economic ministers meeting with China 6+1, and the GCC trade laws.

It was attended by Nigel Huddleston, the UK Minister of State for International Trade. The meeting reviewed the GCC-UK free trade agreement that is still being negotiated between the GCC and the UK.



Saudi Arabia Maintains Top Global Ranking in Cybersecurity Index

The pavilion of the National Cybersecurity Authority at the World Defense Show 2024 (SPA)
The pavilion of the National Cybersecurity Authority at the World Defense Show 2024 (SPA)
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Saudi Arabia Maintains Top Global Ranking in Cybersecurity Index

The pavilion of the National Cybersecurity Authority at the World Defense Show 2024 (SPA)
The pavilion of the National Cybersecurity Authority at the World Defense Show 2024 (SPA)

Saudi Arabia has retained its position as the world’s leading nation in the Cybersecurity Index, according to the World Competitiveness Yearbook 2025 released by the World Competitiveness Center of the International Institute for Management Development (IMD) in Switzerland.

Commenting on the achievement, Dr. Musaed Al-Aiban, Minister of State, Member of the Council of Ministers, and Chairman of the National Cybersecurity Authority, said this accomplishment adds to the Kingdom’s series of successes across all fields.

He attributed the progress to the leadership’s proactive vision in establishing a comprehensive cybersecurity sector, encompassing both security and development dimensions, at local and international levels.

Al-Aiban noted that Saudi Arabia’s cybersecurity ecosystem has undergone remarkable progress in a short span since the creation of the National Cybersecurity Authority and the Saudi Information Technology Company (SITE), which serves as its strategic and technical partner.

Together, these two pillars form the foundation of the Kingdom’s cybersecurity model, which has strengthened national cyber resilience, advanced technological sovereignty, localized critical technologies, and bolstered information sharing and international cooperation.

The National Cybersecurity Authority is the central entity responsible for cybersecurity in Saudi Arabia and the national reference for all related affairs. Its mandate is to safeguard vital interests, critical infrastructure, and national security.

It also aims to drive the growth of the cybersecurity sector, promote innovation and investment, and establish policies, governance mechanisms, frameworks, standards, controls, and guidelines. These efforts are designed to create a secure and reliable Saudi cyberspace that enables economic growth and prosperity.