‘Accelerating GCC Economic Diversification after the Crisis – The Way Forward’ is the 5th in a series of European Union (EU) & Gulf Cooperation Council (GCC) Business Fora.

The 5th EU-GCC Business Forum offers significant opportunities for cross-cutting networking and identification of opportunities to engage in the ongoing diversification strategies and the corresponding projects underpinning them. In particular, the Forum will zoom in on key economic sectors where representatives from the GCC & EU will present ongoing initiatives and planned investments.

Since March 2020, both EU and GCC member states have encountered a number of challenges that have affected their economies and require solutions to mitigate the consequences of the pandemic and the fall in oil prices. In particular, the Covid 19 pandemic has had a significant impact on the diversification models of the GCC member countries with sectors such as tourism, transport, hydrocarbons, financial services and access to low-cost expatriate labour all suffering.

Governments across the world are looking beyond the immediate economic challenges to set strategies for sustainable long-term growth and development. The Fifth EU-GCC Business Forum provides an ideal opportunity to focus on recent developments in both European Union and Gulf Co-operation Council policymaking and the tools being used to sustainably support economic recovery helping both the green and digital transformation of economies. These strategies are important not only for Europe’s future economic structure but offer potential models and partnerships for other countries across the world including the member states of the GCC. This policy and programme focus will be complemented at the event by presentations from all of the GCC member countries on the investment and trade project opportunities for EU businesses in the post-pandemic economic recovery period.