With public expenditure rising and a general improvement in international economic conditions in recent years, growth estimates across the region for the six GCC member states are expected to be in the 4-5% range, with the non-oil-and-gas economy also taking the lead, once again outstripping hydrocarbons in terms of the rate of expansion.
The Eastern Province has natural resources and is home to petrochemical industries, but what vision exists for diversifying the local economy?
With every GCC member state investing in transport, the region is currently undergoing something of a road and rail boom. In the first three quarters of 2013, about $30bn in railway construction contracts were awarded across the GCC, while some estimates suggest as much as $200bn could be spent on regional rail development initiatives over the...
Home to an estimated 15.9% of the world’s proven oil reserves and the single largest economy in the Middle East and North Africa, Saudi Arabia is a key player in the region and around the world. Since it was officially founded in September 1932, the Kingdom has poured its considerable resources into a series of large-scale economic development...
Home to an estimated 15.9% of the world’s proven oil reserves, Saudi Arabia is the single largest economy in the Middle East and North Africa. According to the Ministry of Finance, real GDP grew by 3.8% to $746bn in 2013. While oil income is expected to continue to account for the majority of government revenues for the foreseeable future, the non-oil sector has expanded significantly in recent decades growing 9.3% in 2013.
Since its establishment in late May 1981, the GCC has experienced over three decades of rapid economic growth. The bloc’s six members – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE – have benefitted from greater integration and cooperation over the years, and continue to work to diversify their economies to maintain their competitive edge.
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