ABSTRACT
Arab countries of the Persian Gulf Region are emerging as important economic and geopolitical hubs. Their substantial oil and natural gas surpluses make them important actors and partners to reboot troubled Western economies (Seznec 2008, Bahgat 2009, Spencer and Kinninmont 2013, 49). “[Estimates] from the consulting firm McKinsey show an accumulation of oil income in the Gulf Cooperation Council (GCC) countries at $2.4 trillion by 2010 and $8.8 trillion by 2020” (Seznec, 2008: 97). It is estimated that a large share of this wealth will be invested outside the GCC “and where better than in shares in the major financial institutions of Wall Street, which have suffered seriously from their less-than-wise investments in subprime mortgage paper”? (ibid. 97.)
Moreover, due to their geographical position and large financial resources (the result of oil and gas revenues), Gulf countries have also managed to become important global transportation hubs for international passengers between the West and Asia and beyond it (Henderson 2006, O’Connell 2006). “This region is also leading the world in aircraft orders as $60 billion has been invested by just three airlines with $27 billion ordered in 2005 alone” (O’Connell 2006, 94). Tourism is one of the pillars of some regional economies such as Dubai’s. This latter city has de facto set the standards for economic diversification for other neighbouring resource-dependent economies (Henderson 2006, 91).
