As part of their non-oil economic development strategies, regional governments are backing industries such as aluminium, steel and other metals and minerals, as well as industrial equipment manufacturing
GCC countries pursue plans to expand their non-oil economies and drive localisation
Gulf governments have not deviated from their diversification mandates despite achieving high economic growth and posting budget surpluses as a result of higher oil prices.
Unlike in the past, in the current high oil price cycle, regional governments are striving to increase investment in boosting their hydrocarbon production potential while at the same time working to reach their economic diversification targets.
“Many of the GCC economies are at an inflection point today, realising that relying on oil revenue and public spending for growth is not sustainable,” says Houssem Jemili, partner at the Middle East division of management consulting firm Bain & Company.
“Many national strategies, whether in the industrial or services sector, represent a new approach to economic development that is productivity- and investment-led in a way that ensures stronger economic sustainability and prosperity for future generations,” he says. Read more
This package on the GCC’s non-oil industrial policy includes:
> MEED BUSINESS REVIEW | Gulf accelerates non-oil diversification plans
> COVER STORY | Gulf states diversify with purpose
> NATURAL GAS | Gas becomes a key economic enabler
> SPECIAL ECONOMIC ZONES | Maximising the benefits of GCC economic zones