By Badr El Din A. Ibrahim
With international matters over emerging oil costs, this ebook examines the most important concerns dealing with the economies of the Arab Gulf this day, masking all six of the Arab Gulf Cooperation Council (AGCC) states: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. offering an in depth account of the significant positive factors of the economies of the Arab Gulf, this e-book attracts out the severe tendencies that may form the sector in years to come. It contains an in-depth research of topical matters reminiscent of the AGCC financial union, intra-AGCC nationwide labour circulate, Islamic banking and programmes to finance small and medium-sized firms (SMEs). The e-book: assesses the prices and advantages of the proposed financial union, assessing no matter if AGCC financial constructions have converged sufficiently, and even if those economies have the inner flexibility essential to make the union paintings successfully investigates intra-national labour mobility within the context of the approaching financial union and identifies the main the most important positive aspects in a winning universal AGCC employment procedure considers the fortunes of the trendy Islamic banks within the zone examines the effect on liquidity of the exterior fiscal surroundings and regulatory coverage contrasts and compares a few of the significant SME financing schemes, focusing specifically on SME financing in Oman.
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Extra info for Economic Co-Operation in the Arab Gulf: Issues in the Economies of the Arab Gulf Co-Operation Council States (Routledge Studies in Middle Eastern Economies)
There is an urgent need for transparency of the regulatory processes, protection of property rights and an effective resolution of disputes. The impact of exchange-rate stability on FDI is unlikely to be enormous, as FDI depends on multiple factors besides the exchange rate. Moreover, limitations to the share of foreign investors in AGCC countries are also related to capital restriction and inactivity of the stock markets. An MU will probably have some limited effects on the share of FDI provided some other FDI incentive factors are brought in.
It is observed that education levels differ widely in the AGCC countries. While education and enrolment is relatively advanced in Bahrain and Qatar, it lags behind in other countries. The labour market in the AGCC is divided between nationals and expatriates. The high share of the expatriate labour force adds a great deal to its flexibility, as the number of expatriates can be adjusted in response to shocks. Nevertheless, the public and private sector vary in flexibility. While nationals are the bulk of the public-sector employees, expatriates are mainly employed in the private sector.
There will, no doubt, be a potential impact of the GMU on trade, competition, productivity and growth. This includes (1) enhancing competition to improve flexibility in product and capital markets and promote greater business efficiency and consumer choice, (2) promoting enterprise by removing the market barriers that deter entrepreneurship and prevent new firms from developing and growing, (3) supporting science and innovation to harness the potential of new technologies and to provide more efficient ways of working, (4) improving skills among young people and the adult workforce to generate a flexible and dynamic labour market and (5) encouraging investment and better investment decision-making through stronger local and national capital markets.