ABSTRACT

The conclusion reiterates some of the main themes that have been developed in the previous chapters. The markets do fluctuate and evolve. Some like Bahrain are now static while others like Saudi Arabia are growing by leaps and bounds. The states carry an inordinate amount of power in controlling the markets, so much so that banks are now more under state control than they were forty years ago. The purpose of this control is mainly to focus economic development on non-oil/gas activities. This is an effort to push the countries to diversify away their dependence on hydrocarbons. Aided by these diversification efforts, the stock markets are now growing rapidly, especially in the largest market, Saudi Arabia. The chapter concludes by reminding the reader that the region is really part of the US dollar zone, but that in light of the powerful rise of South Asia and of the Far East, the dollar dependency may evolve, albeit slowly, toward more Renminbi-based markets. However, regardless of whether the Gulf markets go East or West, it seems that the region is becoming more self-assured, more able to manage its own monies and is seeing its financial markets become mature and sophisticated by most standards.