Saudi Arabia to host second EU-GCC Summit on Oct. 24

RIYADH — Saudi Arabia will host the second summit between leaders of the Gulf Cooperation Council (GCC) and the European Union on Oct. 24, 2026.The two blocs seek to deepen their strategic partnership and expand political and economic cooperation.The multilateral 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 the EU side, while European Commission President Ursula von der Leyen will also represent the bloc.“The EU-GCC strategic partnership is anchored in political dialogue, coordination and engagement, with the aim of promoting global and regional peace, security, and prosperity for the benefit of the people of our regions and beyond,” Costa said.“Our past, present and future are interconnected. The time has come to deepen the EU-GCC partnership,” he added.The summit follows the inaugural EU-GCC Summit held in Brussels on Oct. 16, 2024, and comes amid expanding economic ties between the two regions.The EU is the GCC’s second-largest trading partner. Total trade in goods between the EU and the six Gulf states reached €165.6 billion in 2025, comprising nearly €110 billion in EU exports and €55.6 billion in imports.EU-GCC trade has increased by almost 30% over the past decade, with EU imports from the Gulf rising nearly 54% and exports growing almost 20%. Fuels account for more than 75% of EU goods imports from GCC countries.Trade in services has also expanded sharply, more than doubling between 2014 and 2024. It reached €84.4 billion in 2024, including €56.2 billion in EU exports and €28.2 billion in imports.Investment ties are similarly substantial. EU foreign direct investment stock in the GCC stood at €163.1 billion in 2024, while GCC investment stock in the EU reached €189.8 billion.EU-GCC relations are rooted in a cooperation agreement signed in 1989, which provides a framework for dialogue in areas including economic relations, energy, climate change, the environment and research.