ISSUES OF DIVERSIFICATION OF INDUSTRIAL PRODUCTION IN THE PERSIAN GULF COUNTRIES
Keywords:
diversification, production, industry, oil, economy.Abstract
The Persian Gulf countries are diversifying their economies to reduce reliance on oil exports. UAE and Saudi Arabia have increased their non-oil sectors to 78% and 73%, respectively. Other GCC countries are also progressing in industrialization, with industry shares ranging from 34.7% in Kuwait to 59% in Bahrain. This study analyzes the progress, challenges, and growth opportunities in GCC countries' economic diversification. It emphasizes the need for promoting non-oil exports, stimulating innovation, and attracting foreign investment. A conducive business environment, private sector involvement, and regional cooperation are vital for successful diversification.References
S. I. Rajan and G. Z. Oommen, "Asianization in the Gulf: A fresh outlook," in Asianization of Migrant Workers in the Gulf, 2020, Springer. [HTML]
L. Khalili, "Sinews of war and trade: Shipping and capitalism in the Arabian Peninsula," 2021. academia.edu
G. Halkos, J. M. de Alba, and V. Todorov, "Analyzing manufacturing sector and selected development challenges: A panel data analysis," Energy, 2021. [HTML]
A. N. Beni, N. Marriner, A. Sharifi, J. Azizpour, K. Kabiri, "Climate change: A driver of future conflicts in the Persian Gulf Region?," Heliyon, 2021. cell.com
L. Charfeddine and K. Barkat, "Short-and long-run asymmetric effect of oil prices and oil and gas revenues on the real GDP and economic diversification in oil-dependent economy," Energy Economics, 2020. [HTML]
A. Othman, "The role of economic freedom, governance, and business environment in attracting foreign direct investment in the Arab region," Journal of Economics and Business, 2022. researchgate.net
P. Ignatiev, "THE UNITED ARAB EMIRATES: WHAT IS BEHIND ECONOMIC MIRACLE?," Аctual Problems of International Relations, 2020. iir.edu.ua
K. E. Young and T. Khan, "Extended states: The politics and purpose of United Arab Emirates economic statecraft in the Horn of Africa," The Gulf States and the Horn of Africa, 2022. [HTML]
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
