Transitioning to Non-Oil Economies in the Gulf: Successes, Failures, and the Path Forward
On July 27, AGSIW and the National University of Singapore's Middle East Institute hosted a discussion on economic diversification efforts in the Gulf Arab states.
In partnership with the National University of Singapore’s Middle East Institute
Economic diversification strategies to wean Gulf economies away from a dependence on hydrocarbon revenue have existed for decades. Ongoing state-led investments in strategic non-oil industries have produced varied results. Recent development initiatives involving culture, renewable energy, and technology-oriented industries appear promising; however, the return on investment is neither immediate nor guaranteed. Proceeds from the oil and gas sector continue to constitute the majority of public sector revenue in Gulf Arab states.
Are overlapping initiatives to develop non-oil industries in the region opportunities for cooperation or competition? With a steady rebound in oil prices since the oil price shocks of 2020, will oil- and gas-producing countries in the Gulf relax economic diversification efforts? Do protests in Oman signal a wider dissatisfaction with the fiscal adjustments implemented since 2020? What does this reveal about the rentier state theory and the nature of economic reform and development in the Gulf?
AGSIW, in partnership with the National University of Singapore’s Middle East Institute, hosted a discussion to tackle these and other questions.
Speakers
Moderator
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Through its careful examination of the forces shaping the evolution of Gulf societies and the new generation of emerging leaders, AGSIW facilitates a richer understanding of the role the countries in this key geostrategic region can be expected to play in the 21st century.
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