Gulf States Need to Lead Economic Revival

The Arab world’s stability depends upon the revival of the economy led by the Gulf states said the Prime Minister of Dubai Sheikh Mohammed bin Rashid this week.

The biggest challenges facing this region make it necessary to implement an executable and clear economic vision, said Sheikh Mohammed.

Those comments from the Dubai leader come as conflicts in Syria, Iraq and Yemen batter the regional economies. They are causing millions of refugees to flee their homes in the conflict zones.

The recently published Global Peace Index said that regional peace reached its lowest level since 2008 and the area dropped to the bottom of that index for just the first time.

Sheikh Mohammed added that there was a regional need for a real movement for economic development and serious steps were needed to achieve the economic integration across the Gulf to ensure stability for the entire region.

He added that the Arab world must launch a number of economic projects and use its natural and human resources more effective.

The Dubai leader said the imbalance across the region must be addressed in a manner that is comprehensive covering politics, security and economics.

We need to understand that sustainable and real development is the sole guarantee for the stability of the future across the Arab world.

The major gas and oil economies across the Gulf remain much less integrated than many of the other regions because most of the trade they have is based upon the exporting of hydrocarbons outside their region instead of to one another.

However, the steep decline in prices of oil since June of 2014 triggered renewed focus on needed diversification.

The contribution of the sector that is non-oil, in the economy had reached almost 70% with the target of as much as 80% before 2021.

The call for more economic integration comes just prior to the release of new statistics on the economy expected later in the week.

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