Amid escalating regional conflicts, Brussels is hosting the inaugural Gulf-European Summit, bringing together leaders from the Gulf Cooperation Council (GCC) and the European Union (EU).
This landmark event, co-chaired by Qatar’s Emir Sheikh Tamim bin Hamad Al Thani, representing the current GCC presidency, and European Council President Charles Michel, marks a significant milestone in Gulf-European relations.
The summit, attended by 33 heads of state and government, underscores the growing desire of GCC nations—especially Saudi Arabia—to strengthen strategic ties with global powers and organizations. It also aims to enhance international coordination on key issues of mutual concern.
The Gulf nations have seen substantial growth in strategic partnerships with the EU, particularly following agreements made in 2022.
This first summit highlights the mutual commitment to deepening cooperation on security, regional stability, and addressing the myriad challenges facing the region.
The meeting is expected to focus on fostering a new strategic partnership between the GCC and the EU, emphasizing peace and prosperity.
The two sides are poised to leverage their combined influence to address global challenges, starting with security concerns and extending to economic cooperation.
Trade and investment are key pillars of the Gulf-EU relationship. In 2023, the trade volume between Saudi Arabia and the EU reached $78.8 billion, with Saudi exports to the EU totaling $38.4 billion and imports at $40.39 billion.
The EU is Saudi Arabia’s second-largest trading partner and the leading source of foreign direct investment (FDI) in the Kingdom.
Around 500 European companies operate in Saudi Arabia, employing approximately 20,000 European nationals.
Riyadh recently established the first European Chamber of Commerce in the Gulf region, aiming to boost market access and address challenges to economic integration.
This initiative is expected to play a critical role in enhancing Gulf-European trade and investment relations.
