The Eurasian Development Bank (EDB) has published its first macroeconomic study covering the six Gulf countries for the period 2020–2024. The analysis reflects the region’s growing role as a key energy and financial hub, as well as a new strategic partner for the countries of the Eurasian region. Over the past five years, trade turnover between Central Asia and the Gulf countries has grown 4.2-fold to $3.3 billion, while direct investment has almost doubled to $16.2 billion.
According to the EDB, the combined GDP of the Gulf countries will reach $2.2 trillion in 2024, half of which is accounted for by Saudi Arabia. Despite their dependence on the oil and gas sector, the region’s countries demonstrate high financial resilience: sovereign wealth funds exceed $5 trillion, and gold and foreign exchange reserves amount to $813 billion. These resources allow the countries to maintain macroeconomic stability even in the face of fluctuating oil prices.
At the same time, Gulf countries are actively pursuing economic diversification policies. The UAE has demonstrated the most notable results, with oil and gas accounting for only about 20% of exports, and finance, logistics, and tourism the main growth drivers. Other countries in the region are also intensifying structural reforms aimed at developing non-oil sectors, reducing dependence on expatriates, and increasing the resilience of national economies to external shocks.