The Middle East, Oil and the Future
“The Economies of the GCC States in the Post-Oil Era: Horizons and Solutions” was the underlying theme of a seminar in which Fujairah Chamber of Commerce and Industry participated in Oman recently.
The seminar, organised by the Oman Chamber of Commerce and Industry, sought to identify the nature of the challenges of global oil prices and their impact on the region, and to take advantage of the regional and international expertise in areas of economic diversification with the objective of developing new alternatives that gradually help wean the region’s countries off oil as the main source of energy.
Addressing the function, Dr. Abdul Latif bin Rashid Al Zayani, Secretary-General of the Gulf Cooperation Council, said that the GCC States have started to use oil revenues in implementing sustainable development plans and provide a stable, prosperous and secure environment that gives the Gulf citizens the opportunity to produce and innovate.
The seminar, which was held under the patronage of Sultan bin Salim Al Habsi, Secretary General of the Supreme Council for Planning, featured several panel sessions, the first of which was titled “Empowerment of the Gulf Private Sector to Lead Economic Development,” while the other sessions addressed a series of topics including the positive aspects of low oil prices and the sources of financial liquidity and future financing in the GCC countries.
Dr. Ali Mohamed Ali, Member of FCCI Board, and Sultan Obaid, FCCI Deputy Director-General, represented the emirate in the seminar.
Gulf Cooperation Council (GCC), political and economic alliance of six Middle Eastern countries—Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman. The GCC was established in Riyadh, Saudia Arabia, in May 1981. The purpose of the GCC is to achieve unity among its members based on their common objectives and their similar political and cultural identities, which are rooted in Islamic beliefs. Presidency of the council rotates annually.