Saudi Arabia is set to host the second summit between the leaders of the Gulf Cooperation Council (GCC) and the European Union (EU) on October 24, 2026. The meeting aims to strengthen the strategic alliance and broaden political and economic collaboration between the two blocs. The event will convene leaders from all 27 EU member nations and the six GCC states: Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates. European Council President António Costa and European Commission President Ursula von der Leyen will represent the EU, with Costa co-chairing the proceedings.
Highlighting the importance of the event, Costa emphasized that the EU-GCC partnership is built on coordination, dialogue, and engagement, aimed at fostering global and regional stability, peace, and prosperity. He noted the interconnectedness of the two regions, stating that the moment has arrived to intensify their cooperative ties. This upcoming summit follows the inaugural EU-GCC meeting, which took place in Brussels on October 16, 2024.
The summit occurs during a period of rising economic integration, with the EU serving as the second-largest trade partner for the GCC. In 2025, bilateral merchandise trade totaled 165.6 billion euros, consisting of roughly 110 billion euros in EU exports and 55.6 billion euros in imports. Over the last decade, overall trade between the two regions has grown by nearly 30 percent, driven by a 54 percent rise in EU imports from the Gulf and a 20 percent increase in EU exports. Fuels represent over 75 percent of the commodities imported by the EU from the GCC.
Services and investments have also experienced substantial growth. Services trade reached 84.4 billion euros in 2024, representing more than double the volume recorded in 2014. On the investment front, EU foreign direct investment stock in the Gulf region was valued at 163.1 billion euros in 2024, while GCC investment stock within the EU reached 189.8 billion euros. The formal foundation for these bilateral relations is the 1989 cooperation agreement, which establishes a framework for joint dialogue across sectors such as economy, energy, climate, environment, and research.
