GCC Secretary-General Jasem Albudaiwi said rising regional tensions are a major test for member states’ stability and vital sectors, warning tourism could fall by 8–19 million visitors, risking $13–$32 billion in losses.
GCC banking systems face few immediate credit risks from the regional conflict that has followed attacks on Iran by Israel and the US, says Fitch since the GCC sovereign ratings generally have sufficient headroom to withstand a short regional conflict that does not escalate significantly further.
As heightened tensions continue to inject uncertainty into global markets, businesses across the Gulf are balancing caution with determination. The GCC governments are responding swiftly to preserve stability, support liquidity, and sustain momentum, said an industry expert.
Indian Prime Minister Narendra Modi held talks with Iranian President Masoud Pezeshkian and Bahrain's King Hamad bin Isa Al Khalifa to discuss the evolving situation in the Middle East. He condemned the attacks on critical GCC infrastructure and emphasised the need to ensure secure maritime routes.
The Iranian attacks on GCC countries and Jordan constitute a serious violation of the sovereignty of these countries, the principles of good neighbourliness, and a clear breach of international law and the Charter of the United Nations, regardless of any justifications or pretexts, the Ministerial Council of the Gulf Cooperation Council (GCC) said.
Saudi religious leaders have announced that the Eid Al Fitr will be celebrated on Friday in the kingdom and across the Gulf region after the Shawwal crescent moon was not sighted on Wednesday (March 18) evening. Muslims in the region will therefore fast for 30 days this year.
Most rated insurers in the GCC are expected to remain broadly stable in the short-to-medium term, as they have sufficiently robust capital buffers to absorb a potential increase in capital market volatility and any claims related to the war in the Middle East, according to S&P Global Ratings.
The Gulf countries continue to consolidate their position as one of the most influential hubs in global energy markets, (with 32.7% of global oil reserves and 21.2% gas reserves) supported by a broad base of natural resources, advanced infrastructure and accumulated expertise, said a report.
India's Central Board of Secondary Education (CBSE) on Sunday cancelled remaining Class 12 board examinations (scheduled between March 16 and April 10), including papers earlier postponed in several West Asian countries including Bahrain and other GCC countries and Iran amid the ongoing regional conflict.
Global consultancy AtkinsRéalis has announced significant progress in advancing gender diversity across its GCC operations. Women now make up 23% of the workforce, thus marking one of the fastest improvements in women’s representation within the region’s engineering and infrastructure sector.
