The Gulf region is home to both ancient history and modern business, making it one of the most interesting and exciting places in the world to live, work, and play. With vast reserves of oil and gas in the region, plus dramatic growth in other industries such as banking, finance, IT, and telecom, there is no doubt about the central importance of the Gulf region now and into the foreseeable future.
Beginning in 1981 the six Arab states of Bahrain, Saudi Arabia, United Arab Emirates, Kuwait, Qatar, and Oman joined each other in the Gulf Cooperation Council (GCC). The GCC came about in direct response to the Iran-Iraq war, as these six oil-rich states sought to protect their own interests and ensure their continuing economic prosperity. Although these states are often viewed as internally diverse, they tend to be consistent in their interactions via the GCC thanks to their similar cultures, political structures (i.e. monarchical states), and overall economies.
The region’s geography is centered on the Gulf itself, an inland sea covering nearly 97,000 square miles and extending over 600 miles from the Gulf of Oman to the Shatt al-Arab river delta. In terms of population, the GCC was home to about 38.5 million people by the end of 2008 and continues to be one of the fastest growing entities in the Middle East.
Despite its rapid rate of growth, the per capita income in all six member states of the GCC grew substantially as well. This is an excellent indicator of the economic strength of the GCC as well as the continued expansion of the organization’s overall prosperity.
As you might expect, the top industries in the GCC include the following:
- Petrochemicals (Oil and Natural Gas)
- Banking and Finance
- Construction
- IT/Telecoms
- Logistics and Transportation
- Tourism and Hospitality
One of the underlying priorities for the GCC and its member states is to continue making the most of the region’s abundant oil and natural gas reserves while also diversifying and expanding its economy to other industries as well. In this way the GCC intends to preserve its economic strength and minimize economic disruptions that are prone to occur when the price of oil and natural gas fluctuates unexpectedly.
Within these various industries there are a number of top employers as well:
- Petrochemical, Oil and Natural Gas – SABIC, Saudi Aramco, Equate Petrochemical, Gulf Petrochemical Industries Company (GPIC), Qatar Petrochemical Company (Qapco),Tasnee Petrochemicals Company, Saudi Chevron Phillips
- Banking, Financial Services– BankMuscat SAOG, First Gulf Bank, Arqaam Capital, Ahli United Bank
- Finance and Accounting– Kuwait Finance House, Samba Financial Group, Gulf Investment Corporation, Dubai International Capital, Signature Group
- IT/Telecoms – Saudi Telecommunication Company (STC), Batelco, Automated Systems Company (ASC), Qatar Telecom (Q-Tel), Hasibat Information Technologies (HIT), Etisalat, National Mobile Telecommunications Company (NMTC), Al-Faris Information Technologies, Zain, Thuraya and Huawei.
The GCC is recovering from the global economic crisis and remains a popular choice for people from all over the world to seek employment. It is an attractive destination for expats in terms of work as it offers jobs with tax-free salaries and sunshine regardless of the season. It is easy to see, then, why more and more people are finding it highly desirable and financially rewarding to live and work there.