Transitioning to Non-oil Economies in the Gulf: Successes, Failures, and the Path Forward

<p>Economic diversification strategies to wean Gulf economies away from a dependence on hydrocarbon revenues 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 revenues in Gulf Arab states.</p> <p>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?</p> <p>The Middle East Institute, in collaboration with the Arab Gulf States Institute in Washington (AGSIW), will host a panel to tackle these and other questions.</p> <p>This public talk was conducted online via Zoom on Tuesday, 27 July 2021, from 8.00pm to 9.30pm (Singapore Time).</p> <p>For more information about this event, click here: <a href='https://mei.nus.edu.sg/event/transitioning-to-non-oil-economies-in-the-gulf-successes-failures-and-the-path-forward/'>https://mei.nus.edu.sg/event/transitioning-to-non-oil-economies-in-the-gulf-successes-failures-and-the-path-forward/</a></p> <p>Photo by <a href='https://unsplash.com/@zburival?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText'>Zbynek Burival</a> on <a href='https://unsplash.com/s/photos/oil-gas?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText'>Unsplash</a></p>