Saudi Arabia to Host Second GCC-EU Summit on October 24

Riyadh, The Gulf Observer: Saudi Arabia will host the second summit of leaders from the Gulf Cooperation Council (GCC) and the European Union (EU) on October 24, 2026, as the two blocs seek to strengthen their strategic partnership and expand political and economic cooperation.

The summit will bring together leaders of the EU’s 27 member states and the six GCC countries — Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.

European Council President António Costa will co-chair the summit on behalf of the EU, with European Commission President Ursula von der Leyen also representing the bloc.

Costa said the EU-GCC strategic partnership is based on political dialogue, coordination and engagement, with the shared objective of promoting regional and global peace, security and prosperity.

“Our past, present and future are interconnected. The time has come to deepen the EU-GCC partnership,” Costa said.

The upcoming summit follows the inaugural EU-GCC Summit held in Brussels on October 16, 2024, and comes as economic and investment relations between the two regions continue to expand.

The EU is the GCC’s second-largest trading partner. Trade in goods between the EU and the six Gulf states reached €165.6 billion in 2025, including nearly €110 billion in EU exports and €55.6 billion in imports.

EU-GCC goods trade has increased by almost 30 percent over the past decade. During the period, EU imports from the Gulf rose by nearly 54 percent, while exports to the GCC increased by almost 20 percent. Fuels accounted for more than 75 percent of EU goods imports from GCC countries.

Trade in services has also recorded significant growth, more than doubling between 2014 and 2024 to reach €84.4 billion. This included €56.2 billion in EU exports and €28.2 billion in imports.

Investment relations between the two regions remain substantial. EU foreign direct investment stock in GCC countries stood at €163.1 billion in 2024, while GCC investment stock in the EU reached €189.8 billion.

EU-GCC relations are based on a cooperation agreement signed in 1989, which established a framework for dialogue and collaboration across areas including economic relations, energy, climate change, the environment and research.

The Riyadh summit is expected to provide an important platform for the two regions to further coordinate on shared political, economic and strategic priorities and strengthen their long-term partnership.