What is gcc middle east

So, from this historical plateau, I see before me just as many opportunities as threats. What are the sources and nature of threats to GCC stability in the foreseeable time profile? What are the dynamics of these threats? Are they exogenously imposed, or internally generated?

Are there inter-temporal tradeoffs between current and future threats? Can we make a choice between these threats? What are the costs of our decisions? There are but a few questions that our leaders in the GCC have to struggle with on a daily basis. Instability in neighboring countries, from the war in Afghanistan and security challenges in nearby Pakistan, to the Iranian confrontation with the international community, to the denial of the Palestinian people their right to an independent state, and the security risk of conflict in Yemen and the horn of Africa, all of these clear and present threats to the GCC represent a formidable challenge to an effective collective national security.

This approach is distinctive to our needs in three ways:. Economic Challenges: The most crucial challenge to GCC economies is our over-reliance on one source of income.

It is imperative that we succeed in diversifying our sources of income in order to minimize risk, and secure future revenues. Not only is our dependence on oil as our primary source of income dangerous in the long term, but our complete dependence on it as our only source of energy, is also unsustainable. For our part, we in Kuwait have initiated plans to develop a peaceful nuclear energy project, and have ratified the nuclear Non Proliferation Treaty and related IAEA Safeguards Agreements, including the Additional Protocols.

We have also signed and ratified most of the international safety and security conventions and agreements. We are working closely with the IAEA to complete accession to the remaining ones, and to establish the requisite comprehensive legal framework.

Towards this end, Kuwait supports current international efforts to develop complementary multilateral approaches to assure nuclear fuel supply and services, while safeguarding against proliferation.

The Kuwaiti Government has thus pledged 10 Million dollars to complete the million dollars capital required to realize the project. However much we are able to wean ourselves from overdependence on oil for our national incomes, we recognize that for the foreseeable future, hydrocarbon revenues will remain an important part of our national economies. The challenge will be how to mitigate the impacts of fluctuations in oil prices on our national budgets and development plans.

Our diversification plans are certainly one prong of this strategy. The other prong derives from our efforts to stabilize the oil market, thereby creating greater economic certainty as we draft our national budgets.

As any economist could attest, when oil becomes a financial instrument, the resultant inflows of capital unrelated to physical supplies and demand, inevitably results in a broader bandwidth of fluctuating prices.

This instability creates indigestion for budget planners and consequently, wreaks havoc on development plans. The World Bank has been a strong partner to the Gulf Cooperation Council countries for over 50 years. Improving service delivery, promoting economic diversification to lower overall dependence on hydrocarbons, strengthening governance, and enhancing human capital with a focus on jobs and gender are areas in which the World Bank has extensive global expertise.

They include business environment reforms, promoting investment through support to skills development, and fostering a dynamic and entrepreneurial small business sector. Improving human capital is key, including giving advice on health, education, and social protection systems, as well as developing programs to tackle climate change and gender, urban development and economic management, trade and competitiveness, governance, transport, energy, land management, and digital development.

Such partnerships aim to leverage the financial support extended by GCC countries to other parts of the Arab World and beyond. In this issue of the Gulf Economic Update, the focus is on fiscal revenues and structural reforms including strategic investments in digitalization and telecommunications.

Gulf Cooperation Council Home Overview. No use without permission. Copyright c schusterbauer. Gulf Economic Monitor. World Bank Gulf Economic Monitor Each edition of the Gulf Economic Monitor takes a close look at recent economic developments and short-term prospects for Gulf countries.

Research View All Research. Paving the Way for Women. Reducing Air Pollution. Improving Health in the GCC. Issam Abousleiman.