GCC Economic Diversification: Synopsis
In this episode of “Picking Up Where We Left Off,” Michael Carroll, Executive Director of the Hollings Center for International Dialogue, dives into the economic diversification efforts of the Gulf Cooperation Council (GCC) states. The GCC, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, has long been synonymous with vast oil wealth. However, with the global energy landscape shifting, these nations are increasingly focused on reducing their reliance on oil and diversifying their economies.
The episode features insights from Camille Lons, Deputy Director at the Paris Office of the European Council on Foreign Relations, and Samer Kherfi, Associate Professor of Economics at the American University of Sharjah. The discussion explores the strategic motivations behind the GCC’s diversification plans, the challenges they face, and the sectors targeted for growth, such as innovation, technology, and the knowledge-based economy.
Key points include the ongoing competition between GCC states, particularly Saudi Arabia and the UAE, as they strive to attract similar economic sectors and investments. Despite significant progress, the episode highlights the long road ahead in achieving these ambitious goals, emphasizing the need for structural changes and cultural shifts within these nations. The episode concludes on a note of cautious optimism, recognizing the substantial changes already underway while acknowledging the challenges that lie ahead.
Guests
Camile Lons is a policy fellow and deputy director at the Paris office at the European Council on Foreign Relations. She works on the geoeconomics of the Gulf states, Gulf countries’ relations with Asian powers and the geopolitics of the Red Sea.
Samer Kherfi is an Associate Professor of Economics at the American University of Sharjah. He teaches Middle East economics, international macroeconomics, labor economics and econometrics. His current research focuses on education and labor market outcomes in the Middle East and macro forecasting. He has served as an economic and statistical consultant to several national and international organizations. His research appears in books by Oxford University Press and in academic journals such as Journal of Economic Education, Quarterly Review of Economics and Finance, and Journal of Economic Studies.
