By Tareq Yousef AlShumaimry
Former Secretary-General of the Commercial Arbitration Centre of the Gulf Cooperation Council
The Gulf Cooperation Council (GCC) countries are witnessing a historic geopolitical and economic transformation, going from a traditional oil economy to an active global player in international economic channels and strategic alliances. This transformation is part of their efforts to diversify partnerships and reduce reliance on traditional alliances.
Asia is currently the primary destination for Gulf energy exports, consuming more than 70 percent of the GCC countries’ total oil and gas exports. China tops the list of importers, accounting for 20 percent of total exports, followed by India, which has become the world’s second-largest net importer of crude oil after China, with its imports increasing by 36 percent over the past decade.
The relationship has transformed from mere commercial exchange to large-scale joint investments, with major companies such as Saudi Aramco, the UAE’s ADNOC, and the Kuwait Petroleum Corporation seeking to conclude refining and petrochemical agreements in Asia to ensure continued demand for crude oil.
