'Shal': Saudi Arabia, Qatar, and Kuwait Lead Gulf System Economies
The weekly “Ash-Shal” report, in its assessment of the economic strength of the Gulf Cooperation Council (GCC) countries, estimated that the combined gross domestic product (GDP) of the six states would reach approximately $2.381 trillion, based on 2025 data. This places the unified Gulf economy in ninth place globally, according to the comparisons presented in the report.
The report clarified that Saudi Arabia’s GDP reached approximately $1.277 trillion in 2025, while the UAE’s stood at $571.6 billion, Qatar’s at $221.2 billion, Kuwait’s at $157.8 billion, Oman’s at $106.1 billion, and Bahrain’s at around $47.5 billion.
It noted that combining the economies of the six states elevates the scale of the Gulf system to a level surpassing the Canadian economy and approaching that of Russia. The report cautioned that these comparisons are based on 2025, considered a more suitable year for measurement than 2026, which the report described as exceptional due to the ongoing war in the region.
Regarding natural resources, “Ash-Shal” pointed out that the GCC countries collectively hold approximately 528 billion barrels of oil reserves, making them the largest global concentration of oil reserves according to the report’s figures. Their natural gas reserves are estimated at around 1,380 trillion cubic feet, equivalent to approximately 20.8 percent of global reserves, surpassing Russia, which the report estimates holds around 1,321 trillion cubic feet, and Iran, with approximately 1,134 trillion cubic feet.
The report viewed the unification of Gulf economies as a means to expand market scope and facilitate the exchange of expertise and benefits among the region’s countries. It could also contribute to increasing the localization of capital, attracting foreign investment, and enhancing potential for economic growth.
In discussing the war’s repercussions on Gulf economies, “Ash-Shal” noted that GCC countries incurred economic and financial losses despite not being directly involved in the conflict. It referenced earlier International Monetary Fund (IMF) estimates indicating that the six countries’ combined GDP would decline by approximately 2.8 percent compared to their 2025 levels, with the possibility of higher losses if tensions persist.
It added that the repercussions of closing the Strait of Hormuz could have a greater impact on public finances, given the dependence of oil, gas, and petrochemical exports on navigation through this vital waterway.
The report considered that international experiences demonstrate the possibility of transforming crisis repercussions into opportunities for rebuilding economies and strengthening their capacities, citing the experiences of Japan, Germany, China, and Vietnam. It concluded that the expansion of economic size and the integration of resources and markets could serve as key elements in enhancing the economic weight of the GCC countries.
