Economic Diversification in the GCC: Past, Present, and Future

Callen, Tim; Cherif, Reda; Hasanov, Fuad; Hegazy, Amgad; Khandelwal, Padamja

doi:10.5089/9781498303231.006

Cited by 116 publications

(82 citation statements)

References 21 publications

(23 reference statements)

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“…The private sector itself is highly reliant on government spending, but it needs to become self-sustaining through increased competitiveness in the internal market but also in export markets. Thus, it is crucial to change the incentive structure within the economy to create the necessary shift towards the private non-hydrocarbon sector (Callen et al, 2014;Cherif, Hasanov, Zhu, 2016). Nationals must be stimulated with appropriate incentives to improve their skills, and making those skills more relevant to the private sector by improving the quality of education.…”

Section: Diversification In the Gcc Economiesmentioning

confidence: 99%

“…However, success or failure of diversification appears to depend on the implementation of appropriate policies. Callen et al (2014) suggest several targeted measures to improve the business environment in order to alter the current incentives that avoid the production of non-oil tradable goods. Among the measures, they propose reorienting public spending, strengthening the role of private sector competition, developing backward and forward linkages across sectors with a comparative advantage, and implementing labor market reforms to incentivize private sector employment of nationals and improvements in productivity.…”

Section: Diversification In the Gcc Economiesmentioning

confidence: 99%

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Innovation and Entrepreneurship for the Diversification and Growth of the Gulf Cooperation Council Economies

Miniaoui¹,

Schilirò²

2017

BMS

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The Arab States of the Gulf region have vast reserves of petroleum. The reduction in oil prices since the summer of 2014, and their volatility pose strong challenges to the six economies of the Gulf Cooperation Council (GCC). In the present contribution, we argue that, in the long-run, diversified economies perform better than mono-sector economies. Also, innovation and entrepreneurship are key drivers for the diversification and growth of GCC economies. More specifically, in this article we analyze the innovation performance of the GCC economies and we consider their innovation strategies. In addition, we provide an overview of entrepreneurship in the GCC countries to grasp its current state, aiming at identifying the conditions to foster entrepreneurship in order to develop the non-oil private sector. Finally, we discuss the policies that would be required to boost innovation and stimulate entrepreneurship in the Arab States of the Gulf with the aim of diversifying their economies and enhancing their growth.

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Section: Diversification In the Gcc Economiesmentioning

confidence: 99%

Section: Diversification In the Gcc Economiesmentioning

confidence: 99%

Innovation and Entrepreneurship for the Diversification and Growth of the Gulf Cooperation Council Economies

Miniaoui¹,

Schilirò²

2017

BMS

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“…First, the pressure for companies to be more transparent through the IFR remains at the forefront, in the quest for investment opportunities among companies. As the GCC countries continue to struggle with economic diversification plans to remain resilient (Callen, Cherif, Hasanov, Hegazy, & Khandelwal, 2014), there is a greater need to break through geographical borders in business operations and investment. The strategy to attract more funds from international investment communities relies on the ability of companies to showcase their future potentials through greater transparency and disclosure.…”

Section: Conclusion Implication and Limitationmentioning

confidence: 99%

Corporate Ownership, Internet Penetration and Internet Financial Reporting: Evidence from the Gulf Cooperation Council Countries

Ariff¹,

Bin-Ghanem²,

Hashim³

2018

AJBA

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Manuscript type: Research paper. Research aims:This study aims to examine how the individual effect of company-level ownership structure and the joint-effect of company-level ownership structure with country-level Internet penetration, can impact on Internet Financial Reporting (IFR). Design/ Methodology/ Approach: An index consisting of 35 IFR items was used to collect information from 152 listed financial companies from the Gulf Cooperation Council (GCC) countries. These companies were from Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Data were analysed using regression analysis. Research findings:The findings imply that companies with high government and family ownerships have lower extent of IFR. High quality IFR is evident in companies located in countries with a strong Internet penetration. However, the association between corporate ownership structure and IFR is not influenced by the country's Internet penetration. Theoretical contributions/ Originality: Our study is the first crosscountry comparative analysis that utilises data from the GCC countries to explore the determinants of the IFR. This study incorporates company-level governance and country-level institutional factors which are relevant and unique in the context of the GCC to add to the existing evidence that had mainly concentrated on a single-country setting or the developed market. Practitioner/ Policy implications: The findings of this study, which are related to the negative impact of government and family ownership on IFR can be attributed to the regulators in the GCC countries. It is recommended that the GCC improve its enforcement of legal protection for shareholders so as to protect the minority shareholders' interests.Research limitation: Future cross-country analysis on IFR can focus on other emerging markets that differ from the GCC. In addition, these studies can consider other relevant company-level governance aspects such as managerial ownership and country-level institutional factors such as cyber security risks as variables.

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“…These significant achievements aside, much more is still needed. The share of non-hydrocarbons output in GDP is highly correlated with oil prices and progress with export diversification has been limited (Callen et al, 2014).…”

Section: Diversificationmentioning

confidence: 99%

La energía como motor principal de la política exterior de Catar

Bahgat¹

2016

internationalrelation

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Qatar is one of the smallest countries in the world with approximately a quarter million of native population. Despite these geographical and demographic limitations, Doha has established itself as a major player on both regional and international scenes. A major drive behind this ascendancy is the accumulation of massive oil and natural gas revenues. This essay examines the role hydrocarbon assets have played in the internal and external transformation of Qatari policy and the proposed strategies to mitigate the impact of the sharp drop in oil prices since June 2014. Catar es uno de los países más pequeños del mundo, con cerca de un cuarto de millón de población autóctona. A pesar de estas limitaciones geográficas y demográficas, Doha se ha establecido como un jugador principal en las escenas regional e internacional. Una medida fundamental tras este ascenso es la acumulación de los enormes beneficios generados por el petróleo y el gas natural. Este artículo examina el papel que los activos relacionados con los hidrocarburos han jugado en las transformaciones interna y externa de la política de Catar y las estrategias propuestas para mitigar el impacto de la fuerte caída del precio del petróleo desde junio de 2014.Qatar; foreign policy; fossil fuels; liquefied natural gas (LNG); shale gas; energy exports; diversification; Qatar Investment Authority Catar; política exterior; combustibles fósiles; gas natural licuado (GNL)

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Economic Diversification in the GCC: Past, Present, and Future

Cited by 116 publications

References 21 publications

Innovation and Entrepreneurship for the Diversification and Growth of the Gulf Cooperation Council Economies

Innovation and Entrepreneurship for the Diversification and Growth of the Gulf Cooperation Council Economies

Corporate Ownership, Internet Penetration and Internet Financial Reporting: Evidence from the Gulf Cooperation Council Countries

La energía como motor principal de la política exterior de Catar

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