Saudi Arabia will host the second GCC-EU Summit between the Gulf Cooperation Council and European Union on October 24th 2026. The two blocs aim to deepen their strategic partnership and expand political and economic cooperation. Mutual relations are historically well established following a cooperation agreement signed in 1989.
GCC-EU Summit Scheduled At Time Of Expanding Economic Ties
The multilateral summit will bring together leaders of the six GCC countries and the EU 27 member states. It follows the inaugural EU-GCC Summit held in Brussels in 2024 and comes amid expanding economic ties between the regions. The GCC-EU Summit is anchored in political dialogue, coordination and engagement with the aim of promoting global and regional peace. Further shared interests include security, and prosperity for the benefit of the people of both regions and beyond.
Gulf Countries Are European Unions Second Largest Trading Partner
The European Union is the Gulf Cooperation Council’s second-largest trading partner. Total trade between the EU and GCC states – Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and UAE – reached (SAR 721.7 billion (EUR 165.6 billion) in 2025. This comprised SAR 479.4 billion (EUR 110 billion) in EU exports and SAR 242.3 billion (EUR 55.6 billion) in imports. Meanwhile, trade has increased almost 30% in 10 years, with EU imports rising nearly 54% and exports growing almost 20%. Fuel products account for over 75% of EU imports from Gulf countries.
Trade in services has also expanded sharply, more than doubling between 2014 and 2024. It reached SAR 367.8 billion (EUR 84.4 billion) in 2024, including SAR 244.9 billion (EUR 56.2 billion) in EU exports and SAR 122.9 billion (EUR 28.2 billion) in imports. Moreover, investment ties are also substantial. GCC foreign direct investment stock in the EU reached SAR 827.2 billion (EUR 189.8 billion) in 2024. Meanwhile EU investment stock in the GCC stood at SAR 710.9 billion (EUR 163.1 billion).
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