The second EU‑GCC Summit will be held in Riyadh on Oct. 24 as Gulf and European leaders shift the partnership from traditional trade ties toward coordinated investment in artificial intelligence, clean energy, digital infrastructure and resilient supply chains. Goods trade between the two sides reached €165.7 billion ($188.2 billion) in 2025, up 1.1 percent from 2024, and European institutions have opened a consultation on a proposed EU‑GCC free trade agreement that runs until Oct. 19 ahead of the summit. "The commission says it wants an ambitious, balanced agreement with real commercial value, providing new market access opportunities and clear rules for trade and investment," the European Commission’s spokesperson told Al‑Eqtisadiah, underlining that the free trade file remains central even as technology and energy rise in prominence. Agenda and priorities European Council President Antonio Costa and the European Commission’s spokesperson have framed the summit as an opportunity to push the relationship toward long‑term, implementable projects and partnerships. The EU’s agenda goes beyond boosting trade volumes and prioritises investment and cooperation in digital connectivity, energy, industry and innovation. Officials singled out AI, cloud computing, data centres and cybersecurity as areas poised for joint Gulf‑European investment. AI infrastructure: The EU in July launched a call to establish up to seven AI "gigafactories" in Europe with European and national funding of up to €10 billion, an initiative expected to mobilise at least €20 billion in private investment — a potential entry point for Gulf capital and partnerships on data centres, high‑performance computing and AI applications. Clean energy: The commission estimates EU investment needs at roughly €660 billion per year during 2026–2030, rising to €695 billion per year in 2031–2040, creating openings for Gulf financing in solar, wind, green hydrogen, storage and smart grids. Digital connectivity: The p…