Phase II is a continuation of the Phase I of the project “The EU-Gulf Cooperation Council (GCC) Dialogue on Economic Diversification”, which was launched in 2018 by the European Union through its Partnership Instrument. The overall objective of that project was to contribute to stronger EU-GCC relations by tapping on the EU experience to support the GCC member countries diversify their economies from a dependence on the hydrocarbon sector. That project addressed several key issues to support and enhance trade and investment links between the EU and GCC member countries. 

Phase II will deliver an integrated package of targeted actions that reflect the outcomes of the inaugural European Union–Gulf Cooperation Council (EU–GCC) Summit, held on 16 October 2024 in Brussels under the theme “Strategic Partnership for Peace and Prosperity.”

This phase of the project has been designed in alignment with the commitments adopted during the EU–GCC Summit of October 2024. Its implementation timeline is strategically calibrated to culminate in the 2026 EU–GCC Summit, which serves as a key milestone for presenting preliminary results and consolidating high-level political support. 

Following the 2022 Joint Communication on the Partnership with the Gulf and the 2024 EU-GCC Summit, the current Phase II aligns with EU frameworks (e.g., the Global Gateway) and GCC national visions. Building on lessons learned from Phase I, it emphasizes inclusive stakeholder participation, private sector engagement—particularly SMEs and women-led businesses—and adaptive project implementation. 

Scope of Work

• Develop and strengthen government-to-government, government-to-business, and business-to-business contacts, networks, and joint projects to enhance economic cooperation and investment between the EU and GCC.
• Assist in operating an EU Chamber of Commerce in Saudi Arabia, with potential support for similar initiatives in other GCC countries.
• Provide evidence-based policy recommendations to improve the business environment and remove obstacles to market access.
• Promote initiatives to reduce barriers to trade and investment between the EU and GCC.
• Familiarize stakeholders with relevant EU and GCC policies, programs, and synergies in high-priority areas to foster collaboration.

Project activities are focused on three components:

Component One - Enhanced Cooperation and Dialogue

Component one constitutes the operational core of the project, encompassing the design, organisation, and delivery of high-level policy dialogues, business forums, networking events, and stakeholder consultations across the GCC. The Terms of Reference set a target of at least four high-level events per year, plus one annual business forum. The project delivered nine confirmed events during the reporting period, exceeding this combined target by a significant margin.

Component Two  - Policy Analysis and Institutional Support

Component two “Policy analysis related to EU-GCC Trade, Investment and Economic Affairs strengthened” focuses on delivering in-depth macroeconomic analysis and policy reporting to inform evidence-based dialogue on trade and investment. 

Outputs under this component aim to provide a critical input to the policy dialogues, ensuring these dialogues are based on up-to-date and accurate data concerning EU-GCC cooperation across a range of areas relevant to the EU-GCC Strategic Partnership.

Component Three -  Communication, Visibility and Knowledge Products

Component three covers the development and implementation of the project's communication and visibility strategy, the production of knowledge products, and the dissemination of project outputs to target audiences. The Terms of Reference require the submission of a Communication and Visibility Strategy, the production of a monthly digital newsletter, a minimum of two case studies per year, and at least two information sessions for EU enterprises per year.

Country fiches for each GCC country are prepared yearly to reflect the most current macroeconomic indicators and trade flows. The country fiches include:

1. Key Facts (Overview of the political system, GDP, latest yearly trade in goods, trade in services)

2. Economic policies and EU – GCC country economic relations

3. GCC Merchandise Trade with EU27 and the World

4. EU27 rankings as trade partner for GCC countries

5. GCC Country Merchandise Trade with EU27 and the World

6. EU – GCC Country Trade by product and sub-product

7. Economic competitiveness indicators (i.e., economic freedom, digital government)

8. Population structure and availability of human capital (i.e., demographic factors and the availability of skilled labor), infrastructure

9. Investing in the country (i.e., incentives and benefits offered to foreign investors, aimed at promoting investment and economic activity within the country)

10. Important Contacts (i.e., the fiche will list relevant contacts for stakeholders seeking to engage with the country’s economic and governmental institutions.)

The most current set of Country Economic Fiches has been prepared in Q4, 2025. The fiches are available by request – contact us eugccinfo@eugcceconomicdialogue.com

The Foreign Direct Investment (FDI) reports for each of the GCC countries are prepared yearly. Each report includes: 

1. FDI between the GCC country and the world partners for the most recent year. 

2. The trends in FDI between the EU27 and GCC region for the past five years. 

3. EU27 and the GCC Country FDI for the past five years.

4. FDI between the GCC Country and individual EU27 Member States for the most recent year.

The most current set of FDI reports has been prepared in Q4, 2025. The fiches are available by request – contact us eugccinfo@eugcceconomicdialogue.com