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GCC States’ GDP Projected to Reach $6 Trillion in 2025

Riyadh, Saudi Arabia (Reuters)
Riyadh, Saudi Arabia (Reuters)
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GCC States’ GDP Projected to Reach $6 Trillion in 2025

Riyadh, Saudi Arabia (Reuters)
Riyadh, Saudi Arabia (Reuters)

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi affirmed that GCC countries hold a significant economic status globally, with the GDP reaching approximately USD2.1 trillion in 2023.

AlBudaiwi projected the GDP of GCC countries will reach $6 trillion by 2025.

The Secretary-General’s remarks came as he participated in the Gulf dialogue session, held as part of the Asian Financial Forum 2025 sessions in Hong Kong, with the participation of the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region and a number of senior economic officials from the GCC countries.

The total sovereign financial assets in the GCC countries amounted to around $3.2 trillion, accounting for 33% of the total sovereign assets worldwide, Albudaiwi added.

Albudaiwi highlighted that the GCC countries hold the top global ranking in crude oil reserves and production, and also lead in natural gas reserves, while ranking third globally in natural gas production.

He underscored that the GCC’s balanced policies have contributed to the stability of energy markets by providing secure and stable supplies of oil and gas to global markets.

The Secretary-General mentioned that the GCC's significant economic potential creates numerous opportunities for cooperation with Hong Kong, a leading Asian financial center.

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Lockheed Martin Completes First Saudi Produced THAAD Components

A recent meeting at Arabian International Co. for Steel Structures (AIC) in Jeddah to announce the First Saudi Produced THAAD Components 
A recent meeting at Arabian International Co. for Steel Structures (AIC) in Jeddah to announce the First Saudi Produced THAAD Components 
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Lockheed Martin Completes First Saudi Produced THAAD Components

A recent meeting at Arabian International Co. for Steel Structures (AIC) in Jeddah to announce the First Saudi Produced THAAD Components 
A recent meeting at Arabian International Co. for Steel Structures (AIC) in Jeddah to announce the First Saudi Produced THAAD Components 

The US Lockheed Martin company announced on Sunday that Saudi Arabia has completed the first domestically manufactured components for the Terminal High Altitude Area Defense system launcher in Jeddah, marking a significant step forward in the Kingdom’s ongoing efforts to localize its defense industry.

The THAAD deal was a core part of the weapons sale offering presented by US President Donald Trump during his May 20 visit to Saudi Arabia in 2017.

The announcement was made during a recent meeting at Arabian International Co. for Steel Structures (AIC) in Jeddah, attended by Tim Cahill, president of missiles and fire control at Lockheed Martin, General Authority for Military Industries (GAMI) Assistant Deputy Nawaf Albawardi, and Wasim Attieh, president of AIC.

The milestone reflects a growing collaboration between AIC and Lockheed Martin, aimed at advancing Saudi Arabia’s defense manufacturing capabilities. The locally produced components were developed through precision welding and advanced manufacturing techniques, reinforcing both the Kingdom’s defense industrial base and the US supply chain by establishing a second source of production.

“This is a tremendous milestone for the United States of America and the Kingdom of Saudi Arabia as our nations work to fulfill the Kingdom’s THAAD procurement,” said Tim Cahill. “Through this program, we're not only supporting Saudi Vision 2030 and enhancing regional defense capacity, but we’re also generating high-quality manufacturing jobs in the United States and strengthening the American defense industrial base.”

AIC Steel President Wasim Attieh praised the collaboration, saying, “Lockheed Martin has been an excellent partner in providing the tools and training necessary to prepare and ultimately advance the localized production of such a major component of the THAAD Weapon System.”

He added, “I look forward to working together to ensure a more secure future for the Kingdom of Saudi Arabia.”

THAAD is a combat-proven missile defense system designed to intercept short-, medium-, and intermediate-range ballistic missiles both inside and outside the earth’s atmosphere. Its operational readiness, flight test success, and proven performance continue to draw international interest.