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RIYADH: The Gulf Cooperation Council’s economy grew 1.5 percent year on year in the fourth quarter of 2024, reaching $587.8 billion, driven by a surge in non-oil activity, official data showed. 

According to the GCC Statistical Center, the increase from $579 billion in the fourth quarter of 2023 highlights the region’s ongoing shift toward diversification, with non-oil sectors contributing 77.9 percent of total output, while oil accounted for 22.1 percent. 

Among non-oil sectors, manufacturing contributed 12.5 percent, wholesale and retail trade 9.9 percent, construction 8.3 percent, and public administration and defense 7.5 percent. Finance and insurance made up 7 percent, real estate 5.7 percent, and other activities a combined 27 percent. 

The region’s economic shift is driven by national reform plans, including ������Ƶ’s Vision 2030, the UAE’s Economic Vision 2030, Oman’s Vision 2040, and Qatar’s National Vision 2030, aimed at reducing reliance on oil by expanding sectors like tourism, logistics, finance, and technology, and boosting private sector and foreign investment. 

The statistical center said: “This report on the quarterly GDP estimates in the GCC countries is issued based on the data made available by the member states, with a reference of May 2025.” 

At the real GDP level, the GCC economy grew 2.4 percent in the fourth quarter of 2024, with non-oil GDP expanding by 3.7 percent, while oil GDP contracted by 0.9 percent, reflecting voluntary OPEC+ production cuts. 

Among member states, Qatar recorded the highest real GDP growth at 4.5 percent, followed by the UAE at 3.6 percent and ������Ƶ at 2.8 percent, the report showed. 

The region also maintained stable price levels, with overall inflation averaging 2.1 percent across the bloc during the quarter. Qatar and Oman registered the lowest inflation rates at 1.1 percent and 1.5 percent, respectively, while Bahrain recorded the highest at 3.3 percent. 

In its latest update, the Institute of Chartered Accountants in England and Wales, in collaboration with Oxford Economics, raised its 2025 GCC growth forecast to 4.4 percent, up from a prior estimate of 4 percent, citing stronger oil output and resilient non-oil sector activity. 

The International Monetary Fund projects the GCC economy to expand by 3 percent in 2025, led by ������Ƶ and the UAE, and supported by sustained infrastructure investment and policy reforms. 

RIYADH: ������Ƶ issued a record number of new mining exploration licenses in the first half of 2025, marking a 144 percent year-on-year rise, official data showed. 

A total of 22 licenses were issued during the period, up from just nine in the same period last year, reflecting growing investor interest and the government’s push to build a more competitive and attractive mining sector, according to a statement from the Ministry of Industry and Mineral Resources. 

The rise aligns with the rapid growth of the Kingdom’s mining industry, a central pillar in its Vision 2030 diversification strategy. ������Ƶ aims to increase the sector’s contribution to gross domestic product from $17 billion to $75 billion by 2035. The effort is backed by plans to accelerate exploration and development of the Kingdom’s estimated mineral wealth, valued at over SR9.4 trillion ($2.5 trillion). 

“The official spokesman for the Ministry of Industry and Mineral Resources, Jarrah bin Mohammed Al-Jarrah, explained that the number of companies investing in the new mining exploitation licenses issued during the first half of this year reached 23 mining companies, including 16 companies obtaining mining licenses for the first time,” the ministry said.

It added: “The total volume of investments in these licenses exceeds SR134 million, and they cover an area of 47 sq. km.” 

The ministry’s spokesperson said the projects covered by these licenses are expected to produce approximately 7.86 million tonnes annually of various mineral ores, including salt, clay, silica sand, low-grade iron ore, feldspar, and gypsum. 

Al-Jarrah also said the total number of mining and small-mine exploitation licenses currently active in the Kingdom stands at 239. These include 32 Category A licenses for strategic minerals such as gold, copper, phosphate, and bauxite, and 207 Category B licenses for industrial minerals, including silica sand, gypsum, limestone, salt, and clay. 

Earlier in July, Vice Minister of Industry and Mineral Resources Khalid Al-Mudaifer told Asharq Business that the Kingdom’s mining reforms have helped attract $32 billion in investments across projects involving iron, phosphate, aluminum, and copper. He added that this accounts for nearly one-third of ������Ƶ’s target to attract $100 billion in mining investments by 2030. 

The vice minister said mineral exploration spending in the Kingdom has quadrupled since 2018, reaching $100 per sq. km, with an annual growth rate of 32 percent, significantly above the global average of 6 to 8 percent. 

Al-Mudaifer also said mineral exploration spending in the Kingdom has quadrupled since 2018, now reaching $100 per sq. km — an annual growth rate of 32 percent, significantly outpacing the global average of 6 to 8 percent.