The Middle East Economy

Boosting economic integration among the Gulf states has been a key component of the GCC since it was established in late May 1981. While the six states that make up the GCC have implemented joint projects in a wide variety of sectors, economic cooperation remains a core concern. Over the past three decades the region’s GDP growth rates have consistently been among the...

In a region where most economies are dominated by oil or gas, Ras Al Khaimah stands out because it is one of the few without significant domestic reserves. Instead, a resource-based economy has developed around RAK’s limestone, clay and silica, with a well-established industry and manufacturing sector making use of these raw materials. The...

Gulf region signed maritime treaties with the British empire, which was considered to be a major defeat for the Ottomans at the time. By the early 20th century the British had concluded agreements with most of the local tribes and other authorities in the Gulf, shoring up their influence over a wide area that today includes all or part of the...

Economic diversification has been a primary goal for Ras Al Khaimah’s leadership, and success thus far has mostly meant leveraging the emirate’s varied natural resources to nurture industry and manufacturing. Industrial activity accounts for roughly a third of the emirate’s GDP and constitutes a key element of its diversification programme. At...