Last week in Riyadh, senior Gulf officials met to launch the GCC’s Commission of Economic and Developmental Affairs.
Key players such as Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, joined their host, Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman, in using the occasion to call for deeper regional economic integration and coordination.
This emphasis on working together is an important reminder that though the GCC was born in a period of conflict and instability in the early 1980s, the rationale has always been economic.
As the GCC’s first secretary-general Abdullah Bishara explained, the plan was to "convert six chambers in a big house into a big house without barriers".
This did not mean that GCC member states had signed up to deep integration in the short term. Instead, the agreed plan was for them to capitalise on the oil boom of the previous decade to build up the organisation as a regional economic bloc.
Since then, the GCC attempts at economic cooperation and integration have been steady.
Last year the GCC Customs Union was completed ensuring that a common external tariff is collected at all points of entry across the GCC. This has led to the harmonisation of standards, and extended free movement and opportunities for citizens to invest freely in real estate and companies across the Gulf.
But much more still needs to be done on a regional level to improve the mobility of capital, labour, goods and services across the GCC.
Existing regulations require companies to follow multiple strategies in accordance with the six GCC markets, leading to the inability of foreign investors to treat the GCC as a single large market.
The market for financial services is also fragmented. There is little regulatory convergence and each member state has developed its own regulatory system for banks and other financial institutions.
Past efforts at economic integration have also been fuelled by easy money and government subsidies.
But as oil revenues decline and cash reserves shrink the easy money and government subsidies of the past can no longer be counted on.
That is why the sentiment and symbolism behind the establishment of the Commission of Economic and Developmental Affairs is so important.
It is an acknowledgement at a crucial time that despite variations in wealth, population size and resources, all the Gulf countries share to a large degree the same socio-economic challenges.
They have to earn more and spend less while at the same time move beyond dependence on oil and gas revenues to balance their budgets.
The meeting was also an acknowledgement that the GCC states share a common understanding of what needs to be done to overcome these challenges.
One important requirement is increasing the amount of foreign direct investment flowing into the region.
Since the 1970s the Gulf states have all been net exporters of capital, as huge amounts of money have flowed out of the region.
Much of this has flowed into overseas investments that have increasingly come to be viewed as a key sector of non-oil growth.
Overall, the Gulf still only attracts relatively small amounts of foreign direct investment every year.
In fact, foreign investment flows have halved since 2010, as the tightening of local funds has led to the withdrawal of foreign companies, notably law firms, financial services companies and business consultancies that relied on high levels of Gulf spending to fund their work.
Even rich oil producers value inward investment for domestic development, especially when the oil price is low. It is a more attractive and less volatile source of capital than bank loans and it brings technology, market access and organisational skills to the host country.
It is still unclear whether the Gulf states can work together to overcome the scepticism of their citizens and provide the collective political will needed to deliver deeper economic integration in the interests of all.
But the meeting last week in Riyadh was an important step in the right direction.
Rory Miller is a professor of government at Georgetown University in Qatar. His new book, Desert Kingdoms to Global Powers: The Rise of the Arab Gulf, is out today
Results
2pm: Handicap Dh 90,000 1,800m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.30pm: Handicap Dh120,000 1,950m; Winner: Just A Penny, Sam Hitchcott, Doug Watson.
3pm: Handicap Dh105,000 1,600m; Winner: Native Appeal, Pat Dobbs, Doug Watson.
3.30pm: Jebel Ali Classic Conditions Dh300,000 1,400m; Winner: Thegreatcollection, Adrie de Vries, Doug Watson.
4pm: Maiden Dh75,000 1,600m; Winner: Oktalgano, Xavier Ziani, Salem bin Ghadayer.
4.30pm: Conditions Dh250,000 1,400m; Winner: Madame Ellingtina, Richard Mullen, Satish Seemar.
5pm: Maiden Dh75,000 1,600m; Winner: Mystery Land, Fabrice Veron, Helal Al Alawi.
5.30pm: Handicap Dh85,000 1,000m; Winner: Shanaghai City, Jesus Rosales, Rashed Bouresly.
Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
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Engine: 1.5-litre turbo
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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
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Transmission: 8-speed automatic
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Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
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'Saand Ki Aankh'
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Director: Tushar Hiranandani
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Racecard
6.35pm: American Business Council – Maiden (PA) Dh80,000 (Dirt) 1,600m
7.10pm: British Business Group – Maiden (TB) Dh82,500 (D) 1,200m
7.45pm: CCI France UAE – Handicap (TB) Dh87,500 (D) 1,400m
8.20pm: Czech Business Council – Rated Conditions (TB) Dh105,000 (D) 1,400m
8.55pm: Netherlands Business Council – Rated Conditions (TB) Dh95,000 (D) 1,600m
9.30pm: Indian Business and Professional Council – Handicap (TB) Dh95,000 (D) 1,200m
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Company%20Profile
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SPECS
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AUSTRALIA SQUAD
Steve Smith (capt), David Warner, Cameron Bancroft, Jackson Bird, Pat Cummins, Peter Handscomb, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Shaun Marsh, Tim Paine, Chadd Sayers, Mitchell Starc.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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