Patterns of Arab Gulf Exports: Implications for Industrial Diversification of Increased Inter-Arab Trade
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The development of a strong and viable industrial structure has long been a major economic objective of the nations making up the Gulf Cooperation Council (GCC). 1 For many of these states, industrial development is the key to successful economic diversification and the main assurance of continuing self-sustaining growth. Following the large increases in oil revenues in the 1970s, Gulf governments have directed a substantial portion of their huge development outlays towards the creation of an adequate industrial infrastructure and the establishment of certain major state-owned heavy industries. 2 The recent turnaround in the world oil market and thus in OPEC revenue prospects has produced a challenge for Gulf industrialization: perhaps earlier than expected, it is now being reevaluated in terms of the time, capital and hopes invested in it.
Orient, vol. 33, no. 4, 1992.Refereed Journal Article
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