Economic Development in the Gulf Cooperation Council Countries

This book delves into the climate surrounding the economic development of the six Gulf Cooperation Council (GCC) countries, with a spotlight on Qatar given recent political developments. Since the 1960s, the GCC states have harnessed their potential to exploit the wealth accrued from the oil boom to build their infrastructure and grow their economies. But, the high level of dependency on oil as the primary source feeding their Gross Domestic Product also made their economies volatile and vulnerable to fluctuations in the global oil price. The decline in oil price and the threat of depletion of this natural resource has presented subsequent challenges in the economic, environmental and social spheres in the Gulf. Consequently, the GCC countries have realised the importance of diversifying their economies following the need to move away from dependency on oil. This book presents a variety of recommendations for ways in which these states can achieve economic diversification in shifting towards a non-hydrocarbon environment and a knowledge economy. With a growing need for stronger allegiances in this turbulent region, particularly so in the wake of the Qatar diplomatic crisis, cooperative relations between the GCC countries in economic, socio-cultural, political and, to a certain extent, military domains have become more pressing. The book discusses related challenges facing policymakers, investors, and other stakeholders in the region, and analyses the alliances between the region and its international partners, specifically Turkey and India.