Economic and Geo-Political Overview of the Gulf Region and

Economic and Geo-Political Overview of the Gulf Region and Focus on Qatar

Prof. Ivo Pezzuto

What are the countries of the Gulf Region?

2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

MIDDLE EAST


For Gulf Region we typically refer to the countries comprising the GCC


Gulf Cooperation Council (GCC) GCC COUNTRIES

NON GCC COUNTRIES

Saudi Arabia • Kuwait • Bahrain • Qatar • Sultanate of Oman • United Arab Emirates •Abu Dhabi •Dubai. •Sharjah. •Ajman. •Umm Al Qaiwain. •Ras Al Khaimah. •Fujairah

• Algeria • Djibouti • Egypt • Iraq • Jordan • Lebanon • Libya • Mauritania • Morocco • Sudan • Syria • Tunisia • West Bank/Gaza • Yemen


Gulf Cooperation Council (GCC) •

Officially Established on 26 May 1981

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Aim of GCC :To promote coordination between member states in all fields in order to achieve unity.

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In 1991 it joined with Egypt and Syria to create a Regional Peacekeeping Force.

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In 2003 Tariffs on trade between member nations was eliminated and established Common External Tariffs .

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In 2008 Gulf Common Market was established.

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By 2010 they are aiming to establish a Broader Economic union (including a single market and currency) 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Climatic Conditions of Gulf •

Saudi Arabia :one of the driest countries in the world. with rainfall averaging is less than 5 inches per year.

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Bahrain : Most of the year the climate is very hot and also very humid because of the Arabian gulf sea surrounding the Island

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Kuwait :Little rainfall, high temperatures and lots of sunshine.

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U.A.E : Climate is subtropical. Rain occurs in winter and amounts to 13cm a year only.

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Oman: Climate is very complicated. Hot and dry in the interior, hot and humid along the coast. Rainfall throughout the country is minimal, averaging only about 4 inches (100 mm) per year, although precipitation in the mountains is heavier.


What is the trend of economic development in the GCC countries since 2007?


GDP Growth Rate in the GCC Countries since 2007 Country

2007

2008

2009

2010

2011

2012 Est.

2013 Est.

Saudi Arabia

2,0%

4,2%

0,1%

4,6%

6,8%

6,0%

4,1%

Bahrein

8,4%

6,3%

3,1%

4,5%

1,8%

2,0%

2,8%

U.A.E.

6,5%

5,3%

-3,3%

0,9%

4,9%

2,3%

2,8%

Kuwait

4,5%

5,0%

-5,2%

3,4%

8,2%

6,6%

1,8%

Oman

5,3%

12,9%

1,1%

4,0%

5,5%

5,0%

4,0%

Qatar

18,0%

17,7%

12,0%

16,6%

18,8%

6,0%

4,6%

Source: IMF: Regional Economic Outlook MENA as of April 2012 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore


World GDP The world economy's growth accelerated in the first three months of the year 2012, according to The Economist's measure of global GDP, based on 52 countries. First-quarter output expanded by 2.9% compared to the same period last year, onetenth of a percentage point higher than in the previous quarter. Austerity measures in Europe, coupled with uncertainty about the future of the euro, saw the economy of the commoncurrency area shrink marginally. And a more worrying sign is the fall in the contribution to world GDP of the BRIC countries, which have been widely considered the driving force behind global growth. Economic growth in Brazil, India and China slowed in the past quarter. In America, though, despite signs that the recovery could decelerate, first-quarter growth nearly reached 2%, driven primarily by consumption and exports. Source: The Economist 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

PMI Index

Sources: DataStream; Haver; and IMF staff estimates.

Source: The Economist 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

OECD has doubts on the Global recovery The Organisation for Economic Co-operation and Development (OECD) , which represents the world's richest nations, also lowered its growth forecasts. The group's economies will grow by 1.4% next year, rather than the 2.2% forecast in May, it said. The eurozone recession will also be deeper and more prolonged than previously thought, it added. The group highlighted the so-called US fiscal cliff and the eurozone debt crisis as the biggest risks to the global economy. The fiscal cliff refers to spending cuts and tax rises, designed to reduce the US government's debt levels, that are due to kick in in the new year Decisive policy action is needed to ensure the world is not "plunged back into recession", according to the OECD. Source: BBC News November 27, 2012 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

OECD has doubts on the Global recovery Downgrades "The world economy is far from being out of the woods," said the OECD's secretary general Angel Gurria. "The US fiscal cliff, if it materialises, could tip an already weak economy into recession, while failure to solve the euro area debt crisis could lead to a major financial shock and global downturn." The OECD cut its growth forecast across its 34 members for this year and next. It also revised down sharply its estimate for the eurozone economy, which it now believes will contract by 0.1% in 2013, rather than grow by 0.9% as forecast in May. The forecast for growth in the UK next year was cut to 0.9%, down from 1.9% previously. The revised forecasts were published just hours after eurozone finance ministers finally agreed to help debt-ridden Greece. After hours of late-night negotiations, they agreed to cut the country's debts by 40bn euros ($51bn; £32bn) and have paved the way for releasing the next tranche of much-needed bailout loans. Source: BBC News November 27, 2012 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Economic Outlook on the Gulf Region • Over the past ten to 12 years, the Gulf Co-operation Council (GCC) region, which comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, has undergone rapid economic, demographic and social changes. • From 1998 to 2009, the GCC’s real GDP has expanded by an annual average of 5.2% and by a cumulative total of 65%. • The GCC will grow in importance as an economic and trading hub. In 2020, the GCC is projected to be a US$2trn economy, providing nearly one-quarter of the world’s oil supplies as well as increasing quantities of petrochemicals, metals and plastics. • As economic weight gradually shifts southwards and eastwards, emerging markets will become increasingly important trading partners and investment destinations. Gulf investors and sovereign wealth funds are likely to diversify their assets into Asia and Africa, and the region is likely to export more of its oil to industrialising countries. Source: Economist Intelligence Unit 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Economic Outlook on the Gulf Region There is likely to be closer economic and political integration between GCC countries.

Under our core scenario, the GCC is likely to continue gradual efforts at economic integration, including a single currency, a single central bank and greater harmonisation of legal and regulatory environments. But political will is key. Economic integration will depend on good political relations, but will take precedence over political integration. Development of a common foreign policy or a strengthening of shared security forces remains a longer-term project.

Source: Economist Intelligence Unit 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Gulf countries among 40 most competitive economies in the World Top ten Rank Country Score 1 Switzerland 5.63 2 Sweden 5.56 3 Singapore 5.48 4 US 5.43 5 Germany 5.39 6 Japan 5.37 7 Finland 5.37 8 Netherlands 5.33 9 Denmark 5.32 10 Canada 5.30 Ranking of GCC countries 17 Qatar 5.10 21 Saudi Arabia 4.95 25 UAE 4.89 34 Oman 4.61 35 Kuwait 4.59 37 Bahrain 4.54

The ranking is based on the Global Competitiveness Index (GCI) — on 12 pillars of competitiveness in 139 countries surveyed. The pillars are: institutions, infrastructure, macro-economic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.

Source: World Economic Forum (WEF) Report 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Middle East and North Africa: Historic Transitions under Strain The Middle East and North Africa (MENA) region is going through a period of unprecedented change. In the ‘Arab Spring’ countries (Tunisia, Egypt, Libya, Syria, less impact on Algeria, Morocco), political transition, pressing social demands, and an adverse external environment have combined to increase the near-term risks to macroeconomic stability. These risks were contained during 2011 but, with growth faltering, unemployment rising, and continued fiscal and external pressures, 2012 will be an equally challenging year. Moreover, many countries are faced with diminished policy space, having eaten into their foreign exchange and fiscal buffers during 2011. There is a risk that these developments could derail the historic transition that is under way in these countries, and managing this risk is a shared international responsibility. Arab Spring countries need to set out on their own paths toward economic modernization and transformation. At the same time, the international community is called upon to provide financial support and technical and policy advice, as well as enhanced market access, to support homegrown reform agendas. On the other hand, Middle East oil exporters are benefiting from high oil prices. Growth in 2011 was concentrated in Gulf Cooperation Council countries, but is expected to pick up further and be more broad-based across the region in 2012. Source: IMF: Regional Economic Outlook MENA as of April 2012 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Gulf Economies: A Relatively Bright Outlook The outlook for the Gulf Cooperation Council (GCC) economies (Saudi Arabia, UAE, Kuwait, Bahrain, Qatar, and Oman) is quite bright, relative to both regional and global peers. • Oil production has hit all-time highs in many cases • Elevated oil prices are boosting consumer and business confidence, and more importantly, ensuring that fiscal policy remains expansionary • Non-oil sector growth is also strong • Purchasing Managers’ Indices (PMIs) are well above 50 (in stark contrast to Asia and Europe) • Credit growth is in double digits • Hotel occupancy rates also strong Risks beyond the next 18 months are numerous: a potential regional tension related to Iran, a drop in oil prices, the poor state of the global economy, the questionable quality of government spending, breakeven budget oil prices heading higher, inflation, etc. Nevertheless, the Gulf region is a still bright spot amidst global doom and gloom. Source: Business Monitor International 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

The “Arab Spring” has not directly affected the GCC countries Aside from Bahrain the other GCC countries have not been directly affected by these events The unrest was building for a very long time. We can retrospectively point to a number of factors. In Tunisia you had Mohamed Bouazizi, the street vendor who had his cart taken away, and in an act of desperation set himself on fire. Social media kept that story alive – there was video of him and there was a Facebook page of him. Al Jazeera covered his death and the subsequent protests. That kept the spotlight on it, and it just built and built and built. These things helped sparking civil unrest over bigger long-standing issues such as unemployment, food inflation, corruption, freedom of speech and poor living conditions. The ensuing riots and demonstrations led to the very abrupt, and in many ways completely unforeseen, demise of some oppressive regimes in the Middle Eastern region. Civil unrest started in conjunction with rising commodity prices and rising food prices across the board, and people began to demonstrate in the streets. The hope of these people was to obtain political reforms, openness and democracy. Source: The Economic and Political Outlook for the Middle East and North America 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

The “Arab Spring” and the GCC countries The UAE economy proved itself as a ‘safe haven’ amidst the political turmoil across the Arab world. Initial data for 2011 suggest that the Tourism and Hospitality sectors have benefitted from the political turmoil elsewhere in the region. Qatar’s political system has remained unchallenged during the Arab Spring. Escalation in social unrest following the “Arab Spring” has proved to be a setback to Bahrain’s ambitions of establishing itself as the regional financial hub. Despite the first increase in oil production for many years, growth will slow down as domestic tensions divert the Government’s attention from core development issues Kuwait has had no direct impact from the Arab Spring Oman has had no direct impact from the Arab Spring In the “Arab Spring” countries the process of democratization has only just started and it may take years if not decades before the full effects of these regime changes become visible. Source: Gulf Investment Corporation 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Key facts about the GCC countries


Population:24,573,000 Capital: Riyadh Language: Arabic Religion: Muslim Currency: Saudi riyal Life Expectancy:72

GDP : U.S. $16,996 Literacy Percent:79

Source: IMF and ISPI 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Location & Geographical Features Saudi Arabia is Bordered by • • • • • •

Jordan on the north-west. Iraq on the North and Northeast. Kuwait, Qatar, Bahrain. United Arab Emirates to East. Oman on the Southeast. Yemen on the South.

– Geographical Features •

The southwestern region has mountains as high as 3,000 m, and is known for having the greenest and freshest atmosphere in all of Saudi Arabia.

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The Red Sea lies to the West of Saudi Arabia.


Government •

Saudi Arabia is a monarchy country, Lead by “King Abdullah bin Abdul Aziz”.

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The king was elected by the vote of the (male) citizens.

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The king's powers are supposedly limited within the Shari'a and other Saudi traditions.


Population:731,000 Capital: Manama Language: Arabic, English, Farsi, Urdu Religion: Shi'ites and Sunni-Muslim Currency: Bahraini dinar Life Expectancy: 74 GDP per Capita U.S. $20,475 Literacy Percent:89


Location & Geographical Features •

Bahrain is an island so there are no countries that border it.

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Places near it are – Saudi Arabia – Qatar – Kuwait – U.A.E.

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Geographical Features

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It is generally flat made up of thirty three islands.


Tourism • •

• •

Very popular place for tourists. It gets about 8 million tourists a year mostly from surrounding Arab nations but the numbers from outside the region is growing rapidly due to the countries rich legacy and the Bahrain formula one race track. It is described as “an excellent introduction to the Persian gulf.” The Bahrain national museum has artifacts that date to 9000 years ago.


Government •

It is constitutional monarchy leaded by the

King, Sheikh Hamad bin Isa Al Khalifa. •

The head of government is the Prime Minister, Sheikh Khalifa bin Salman Al Khalifa.

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The cabinet is made up of 23 people.

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The first elections for the members of parliament took place in 2002

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Although 70% of the country are Shi'ites the rulers and the government are Sunni.


Population:2,589,000 Capital: Kuwait City Language: Arabic, English Religion: Sunni and Shiite Muslim, Christian, Hindu, Parsi Currency: Kuwaiti dinar

Life Expectancy: 78 GDP : U.S. $36,412 Literacy Percent : 84



Located in the Southwest Asia next to the Persian Gulf and between Iraq and Saudi Arabia.

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The countries that are near :

•

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Qatar

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Saudi Arabia

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UAE

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Bahrain

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Yemen

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Oman

Geographical Features – Flat to slightly undulating desert plain.


Government •

It is a constitutional monarchy, governed by the al-Sabah family.

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The present Emir of Kuwait is his highness Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah.


Tourism •

Places tourist can visit is:

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The Liberation Tower, it is the symbol of Kuwaiti liberation.

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There are also the Kuwaiti Towers and the National Museum.


Population: 2,436,000 Capital: Muscat Language: Arabic, English, Baluchi,

Urdu, Indian dialects Religion: Ibadhi Muslim, Sunni Muslim, Shiite Muslim, Hindu Currency: Omani rial Life Expectancy: 73 GDP :U.S. $18,657 Literacy Percent:76 Source: IMF and ISPI 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore


Located in the Middle East, bordering – The Arabian Sea to the east. – Saudi Arabia to the west. – Yemen to the south .

– UAE to the north. • •

Geographical Features It is s the dessert landscape and also the highness of the topography of the land.

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Because of Arabian Sea Omani people and the Arabian peninsula in whole provided with water, fish, and fossil water which is a resource.


Government •

In Oman the legislative group are the people who make the laws in Oman.

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Oman is governed by a monarchy (sultanate). Sultan Qaboos bin Said

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The sultan is the head of state, and, although he also acts as the prime minister, he may appoint one if he chooses.

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The sultan is chosen by a method called voting, in which only the tribal leaders and intellectuals and prominent businessmen may vote.


Tourism • •

Wadi Shab

Over 4 million people from different countries visited Oman. Oman has so many tourist attractions like • wadi shab • wahiba • The jabrin Fort • Grand Mosque Wahiba

Jabrin Fort Grand Mosque 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Population: 4,618,000 Capital:Abu Dhabi Language: Arabic, Persian, English, Hindi, Urdu Religion: Sunni and Shiite Muslim, Christian, Hindu, Currency:Emirati dirham

Life Expectancy:74 GDP :U.S. $59,717 Literacy Percent:78


Location & Geographical Features • •

The United Arab Emirates which is also known as the U.A.E. The countries surrounding the U.A.E are – Qatar – Saudi Arabia – Oman – Iran

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Geographical Features

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United Arab Emirates is almost completely a desert, except for Dubai, which is a really improved city, with great technology and beautiful sky scrapers. Burj Dubai


Government

Government is a monarchy Consists of Seven tiny kingdoms each ruled by an emir and one emir plays a in charge role of all Emir’s

Khalifa bin Zayed Al Nahyan


Dubai Sharjah Abu Dhabi Umm Al Qaiwain

Ras Al Khaimah

Ajman Fujairah 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Brief description on Seven Emirates •

Abu Dhabi, by far the largest emirate, Pearling and fishing were the main sources of income for the people.

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Dubai, the second largest of the seven emirates, Pearling and fishing were the main sources of income for the people.

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Sharjah's famous for salt mines constituted an important part of its export business, along with pearls. It is the cultural and educational center of the UAE.

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Ajman is the smallest emirate, Fishing and date-trees provided the local population with their primary means of sustenance .

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Umm Al Qaiwain It is the second smallest emirate, Fishing is the primary means of income. Date farming also plays a significant role in the economy.

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Ras Al Khaimah has a unique abundance of flora, so it is no surprise that Agriculture is important to the local economy. The emirate also benefits from its Stone quarries, and fishing, which is plentiful in the rich waters of the Gulf.

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Fujairah the only emirate without a coastline on the Arabian Gulf ,economy is based on fishing and agriculture. 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Economy of Gulf Region •

Saudi Arabia :Petroleum sector accounts for roughly 75% of budget revenues, 45% of GDP, and 90% of export earnings. About 40% of GDP comes from theprivate sector

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Bahrain : Petroleum production is the most important resource. It is 60% of the exports, 60% of the government revenues and 30% of the countries GDP.

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Kuwait : It owns about 10 percent of the worlds proven oil reserves. Its crude oil reserves of about 95% of export revenues, and 80-90% of government income.

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Oman has a pretty low GPD per capita.

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U.A.E has been largely funded by oil revenues, the GDP of UAE economy is the fastest growing


Population:768,000 Capital:Doha Language:Arabic, English Religion: Muslim Currency: Qatari rial Life Expectancy:72 GDP :U.S. $76,168 Literacy Percent: 83


LOCATION •

Qatar is neighbored by four countries

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To the north Bahrain

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To the west Saudi Arabia

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To the south the U.A.E

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To the east the closest country to it is Iran.


Geographic Features

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Qatar has a limited space and is a small country.

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It does not have any rivers, lakes or ponds or huge mountains.

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The highest point in Qatar is jebel Dukhan( the mountain of Dukhan ), it is about 90 meters tall

,area contains Qatar's largest onshore oil fields.


Government •

Qatar is a constitutional monarchy.

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Qatar president ( emir ) is sheikh Hamad bin khalifa Al Thani.

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The law in Qatar is based on Islamic and civil law codes.

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Advisory council ( majlis Al Shura ) is appointed by the emir to help the emir in his job.

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The prime minister of the country is Hamad bin Jassin Bin Jabor Al Thani.

Sheikh Hamad bin khalifa AlThani

Hamad bin Jassin Bin Jabor Al Thani. 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

International & Regional Relations International – United Nations(U.N) – WTO – OPEC – IMF

Regional – GCC –OAPEC –Arab League(AL)


Focus on Qatar


Focus on Qatar The small peninsula of Qatar (population of about a million) is benefiting from a long-standing investment drive in its liquefied natural gas industry and related infrastructure. This helped Qatar's economy grow at an estimated breakneck pace according to the IMF. The country is now the wealthiest in the world per capita, and the government plans to continue to invest billions of dollars in domestic and international developments and assets. In particular, it will host the football World Cup in 2022, and will underpin economic growth for years to come. Any concerns over its domestic banks were swiftly obviated by a series of large government capital injections.

Published in Knowledge@Wharton 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Focus on Qatar Country Overview: Oil and natural gas are the source of this small island nation’s prosperity. The country has the world’s 3rd largest proven natural gas reserves, is the world’s biggest LNG producer and a significant exporter of crude oil. Most of the country’s exports go to Asian markets. The small peninsula is a traditional monarchy in which decision-making authority rests with the unelected Amir and his ruling Al Thani family. The Amir appoints the government and approves all legislation. A small advisory council exists to help draft laws and its members are appointed. Elections to select new members for the council are tentatively scheduled for June 2013, but they have been repeatedly postponed in the past decade. Although unelected, the Amir appears to have the support of most Qataris and the country has seen little broad-based, organized pressure for change. Qatar is a Muslim country and native Qataris are generally socially conservative. The country has good relations with the USA and other Western countries.

Source: EDC 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Focus on Qatar Trade and Investment Environment: Qatar’s business environment is open to foreign investment and the country has performed well in the World Bank’s Ease of Doing Business index. The Qatari government strongly encourages foreign investment, particularly in sectors outside the hydrocarbons industry. Up to 100% foreign ownership is permitted in a number of industries, including information technology, health and natural resources. However, some sectors, notably banking, real estate and insurance, remain closed to foreign majority ownership. As in other Gulf countries, increasing the presence of local nationals in the workforce at public and private enterprises is a government priority and companies are required to meet local hiring targets. Expatriates are believed to account for over half of the Qatari population, leading to some resentment among locals


Focus on Qatar Outlook: Political continuity is likely in the medium to long term. Qatar’s political system has remained unchallenged during the Arab Spring, and recent initiatives, including increase in public salaries, and constitutional reforms have further reduced prospects of geopolitical risk in the country. The economic outlook will hinge on the hydrocarbon sector and further economic diversification. Growth peaked in 2011 as LNG (Liquefied Natural Gas) export capacity was ramped up; growth will be more modest but still steady going forward. Qatar is not as sensitive to price fluctuations as many crude oil producers, because it has long-term contracts for its LNG exports.


Focus on Qatar The Qatar Economic Outlook 2012, 2013, issued by the General Secretariat for Development Planning (GSDP), has forecast GDP growth of 6.2 percent this year. The report also predicted that real GDP growth will moderate to 4.5 percent in 2013, adding that growth in the coming years will be supported by growth in non-hydrocarbon sectors, especially the manufacturing, petrochemical and construction sectors.

According to the report, those sectors will lead the future expansion of Qatar's economy with 9.2 percent growth. It said construction, in particular, will grow at an average of 10 percent over the next two years, backed by a network of infrastructure investments as the Gulf state starts to build towards the 2022 World Cup. Despite slowing growth, the study said the country would continue to see a budget surplus. Source: Arabian Business.com July 2012 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

Focus on Qatar Between 2012 and 2019, Qatar has planned infrastructure investments in the region of $150bn. In the near term, it may well spend 10 percent of its GDP on infrastructure and total project disbursements, or about $35bn, according to the report. The non-oil sectors would drive the GDP growth in the state, mainly the construction sector. Concerning inflation, it is forecasted a modest pick-up over the rest of 2012. Sovereign Risk: A string of government surpluses is projected for the coming decade, even if hydrocarbons revenues decrease due to lower energy prices. The current account is also likely to remain in surplus. Although government debt ramped up sharply from 2009 through 2011, it is now expected to level off going forward and to decline as a share of GDP.

Source: Arabian Business.com July 2012 2012 © Copyright - Ivo Pezzuto – Università Cattolica del Sacro Cuore

In Summary The Gulf Region and in particular the GCC countries and Qatar are very attractive business areas in the years to come since they combine sustained and economic growth in diversified industries, political stability, growing economic and political integration in the region, and a general climate of enhanced social democratic reforms that reduce the potential influence and social unrest of the so-called “Arab Spring”


Economic and Geo-Political Overview of the Gulf Region and

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