GCC ready for economy of ideas era, ministers tell summit

Multiple schemes and visions have been launched within the GCC, reflecting the region’s commitment to long-term economic diversification beyond the energy sector. (WGS/SCREENGRAB)
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Updated 11 February 2025
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GCC ready for economy of ideas era, ministers tell summit

  • Saudi Economy Minister Faisal Alibrahim said that collaboration is essential among GCC member states and should not be seen as a weakness

DUBAI: Gulf Cooperation Council countries are taking substantial steps to diversify their economies based on a model of the economy of ideas, the World Governments Summit was told on Tuesday.

Multiple schemes and visions have been launched within the GCC, reflecting the region’s commitment to long-term economic diversification beyond the energy sector, economic ministers from the bloc said.

At the World Governments Summit 2025 annual meeting in Dubai, Saudi Economy Minister Faisal Alibrahim said that collaboration is essential among GCC member states and should not be seen as a weakness, but an opportunity.

“Economies such as logistics, healthcare and the new health tech, there’s agriculture, there’s agricultural tech, financial stocks and funds globally,” he added.

“It is important to recognize that GCC countries share common opportunities and challenges, so collaboration is key on both the regional and global levels. Integration should not be seen as a compromise, but a potential big opportunity on integration, on infrastructure and logistics policies,” said Albrahim.

Bahrain’s minister of finance and national economy, Salman Al-Khalifa, said: “Diversification means the need to reinvest, reinvent and lower our dependence on oil, nurture emerging sectors, but also to build new economic fields.”

Economic diversification has made the GCC resilient and boosted economic development, he added, highlighting that Saudi Arabia has made huge strides in that regard.

“Non-oil sectors made up 83 percent of Bahrain’s gross domestic product, and Bahrain is already investing in the future economy of human capital, technology and building a strong infrastructure for that, such as the first worldwide Data Sovereignty Law,” Al-Khalifa said.

“We are seeing great progress in non-oil sectors in the GCC; non-oil sectors now makes up 50 percent of the economy,” he added.

In the UAE, non-oil sectors now make up 74 percent of the economy and in Saudi Arabia, the figure stands at 70 percent, Al-Khalifa said.

The speakers highlighted the GCC’s falling reliance on oil and gas revenues by investing in renewable energy, technology and knowledge-based industries.

Discussions highlighted the need for sustainable economic policies that balance development with the preservation of natural resources for future generations.

GCC Secretary-General Jasem Al-Budaiwi said that the economy was a topic of discussion for everyone but the world was looking to the GCC for guidance.

“The world discovered a truth: We (the GCC) are, in fact, an economic entity. We are credible, we follow up on our word and as the GCC the world is listening to what we say, and following what we do,” he said.

Human capital is at the core of developing a sustainable economy in the GCC, Al-Khalifa said.

“First is the human capital. There is a need to make sure that the human capital we have in the GCC region is the finest human capital in global standards,” he added.

“The GCC has the most developed infrastructure, from the data center to telecom and cloud internet, and regulations are well suited for the economic transition from industrialized economies to an economy of ideas.

“There are many other examples, whether it is in fintech, whether it’s in logistics, whether it’s in technology, where governments can make a difference by exhausting the right set of regulations. So, those are the three things that we need to make sure that we’re always focused,” Al-Khalifa said.

IMF Managing Director Kristalina Georgieva said that deepening regional economic integration and pooling resources together makes the GCC more powerful and creates healthy competition in the region.

“Trade among GCC countries grew rapidly; good exports tripled in the last decade to $70 million,” she added.


US military launches strikes in Syria against Daesh fighters after American deaths

Updated 20 December 2025
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US military launches strikes in Syria against Daesh fighters after American deaths

  • “This is not the beginning of a war — it is a declaration of vengeance,” Defense Secretary Pete Hegseth says
  • President Trump earlier pledged “very serious retaliation” but stressed that Syria was fighting alongside US troops

WASHINGTON: The Trump administration launched military strikes Friday in Syria to “eliminate” Daesh group fighters and weapons sites in retaliation for an ambush attack that killed two US troops and an American interpreter almost a week ago.
A US official described it as “a large-scale” strike that hit 70 targets in areas across central Syria that had Daesh (also known as Islamic State or IS) infrastructure and weapons. Another US official, who also spoke on condition of anonymity to discuss sensitive operations, said more strikes should be expected.
The attack was conducted using F-15 Eagle jets, A-10 Thunderbolt ground attack aircraft and AH-64 Apache helicopters, the officials said. F-16 fighter jets from Jordan and HIMARS rocket artillery also were used, one official said.
“This is not the beginning of a war — it is a declaration of vengeance. The United States of America, under President Trump’s leadership, will never hesitate and never relent to defend our people,” Defense Secretary Pete Hegseth said on social media.

 

President Donald Trump had pledged “very serious retaliation” after the shooting in the Syrian desert, for which he blamed Daesh. The troops were among hundreds of US troops deployed in eastern Syria as part of a coalition fighting the terrorist group.
Trump in a social media post said the strikes were targeting Daesh “strongholds.” He reiterated his support for Syrian President Ahmad Al-Sharaa, who he said was “fully in support” of the US effort to target the militant group.
Trump also offered an all-caps threat, warning the group against attacking US personnel again.
“All terrorists who are evil enough to attack Americans are hereby warned — YOU WILL BE HIT HARDER THAN YOU HAVE EVER BEEN HIT BEFORE IF YOU, IN ANY WAY, ATTACK OR THREATEN THE USA.,” the president added.
The attack was a major test for the warming ties between the United States and Syria since the ouster of autocratic leader Bashar Assad a year ago. Trump has stressed that Syria was fighting alongside US troops and said Al-Sharaa was “extremely angry and disturbed by this attack,” which came as the US military is expanding its cooperation with Syrian security forces.
Syria’s foreign ministry in a statement on X following the launch of US strikes said that last week’s attack “underscores the urgent necessity of strengthening international cooperation to combat terrorism in all its forms” and that Syria is committed “to fighting Daesh and ensuring that it has no safe havens on Syrian territory and will continue to intensify military operations against it wherever it poses a threat.”

 

Daesh has not claimed responsibility for the attack on the US service members, but the group has claimed responsibility for two attacks on Syrian security forces since, one of which killed four Syrian soldiers in Idlib province. The group in its statements described Al-Sharaa’s government and army as “apostates.” While Al-Sharaa once led a group affiliated with Al-Qaeda, he has had a long-running enmity with Daesh.
Syrian state television reported that the US strikes hit targets in rural areas of Deir ez-Zor and Raqqa provinces and in the Jabal Al-Amour area near Palmyra. It said they targeted “weapons storage sites and headquarters used by Daesh as launching points for its operations in the region.”

Trump this week met privately with the families of the slain Americans at Dover Air Force Base in Delaware before he joined top military officials and other dignitaries on the tarmac for the dignified transfer, a solemn and largely silent ritual honoring US service members killed in action.

President Donald Trump, from left, Defense Secretary Pete Hegseth and Chairman of the Joint Chiefs Air Force Gen. Dan Caine attend a casualty return ceremony at Dover Air Force Base, Delaware, on Dec. 17, 2025,of soldiers who were killed in an attack in Syria last week. (AP)

The guardsmen killed in Syria last Saturday were Sgt. Edgar Brian Torres-Tovar, 25, of Des Moines, and Sgt. William Nathaniel Howard, 29, of Marshalltown, according to the US Army. Ayad Mansoor Sakat, of Macomb, Michigan, a US civilian working as an interpreter, was also killed.
The shooting nearly a week ago near the historic city of Palmyra also wounded three other US troops as well as members of Syria’s security forces, and the gunman was killed. The assailant had joined Syria’s internal security forces as a base security guard two months ago and recently was reassigned because of suspicions that he might be affiliated with Daesh, Interior Ministry spokesperson Nour Al-Din Al-Baba has said.
The man stormed a meeting between US and Syrian security officials who were having lunch together and opened fire after clashing with Syrian guards.
When asked for further information, the Pentagon referred AP to Hegseth’s social media post.