Gulf Cooperation Council: Petro Dollar Magnet and More

The Gulf Cooperation Council (GCC) comprises the Persian Gulf states of Bahrain Kuwait, Oman, Saudi Arabia and the United Arab Emirates (UAE). The geographic proximity of these countries and their general adoption of free trade economic policies facilitated establishment of the GCC. The GCC is one of the fastest growing economies in the world, mostly due to a boom in “Petro Dollar” revenues coupled with a building and investment bang backed by decades of saved petroleum revenues.

 

Economic Scenario

There is no region in the world that has surplus economy except the GCC. If they utilize their resources judiciously and along with giving more weightage to effective education and technology, no one can stop them in overcoming the rest of the economic blocs and regions. Per capita GDP of the bloc is more than $717.8 dollars (April, 2007), led by spectacular growth in UAE and Qatar. Qatar is expected to overtake top ranked Luxembourg in GDP (nominal) per capita next year for the world's top spot.

Petro Potential

It is a unique bloc in the world of having more than half of oil reserve and also has been experiencing boom in its production for a long time. The council has formed to boost economic cooperation, fostering scientific and technical progress in industry, mining, agriculture, water and animal resources. They are also expecting a common currency, the Khaleeji.

 

Sports Spirit

The region is also an emerging hotspot for events of big games. The area of Qatar is quite less than the area of Haryana yet, they succeed in organizing the Asian Games in 2006, in Doha. Doha is also planning to submit its application for the 2016 Summer Olympic Games. The organizing of Games like this stature show the infrastructural and other developments which are already at par with western nations. Now a very legitimate question is arising regarding India's apathy of big events of such an international importance. However, India succeeded in organizing Commonwealth Games in 2010.

 

Arms Race

The GCC is surrounded with various issues; major one is the security one. Being a leading follower of Islam where tolerance and lenience are the first tenets, yet, they are in the race of arms and weapons. Though they have geographical proximity, uniformity in religion, nevertheless facing political crisis in adjoining states like Iraq, Syria and Iran. This is happening due to mineral oil interest of USA and its allies. On the other hand, Saudi Arabia is aggravating the problem by purchasing biggest stockpiles of arms from none other than USA. Even some states like Kuwait, Saudi Arabia seemed to be a part of US-led war against Iraq and Kuwait also provide its launch pads for American military campaigns. Before emerging as a battle rage and conflict zone, they should reduce their dependency on the US and thrive for imbibing the ethos of Islam in true manner.  

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