Gulf States EQ1 Flashcards
What economic influence do the Gulf states have?
*The Gulf States’ economic influence mainly
stems from it’s significant oil and gas
reserves. These reserves make the
area of considerable importance to a world still dependent on fossil fuels.
*Kuwait has the second largest stock exchange
in the Arab world.
How much gas and oil reserves does the Middle East contain?
The wider Middle East contains over 40% of global gas reserves and over 60% of global oil reserves.
How have the Gulf States reduced their economic dependence on oil and gas reserves?
- Much of the money collected by oil and gas wealth has been transferred to sovereign wealth funds and invested in to companies, businesses and industries around the world.
- Qatar, the UAE and Bahrain have invested heavily in moves to develop global connections and enter the knowledge economy.
What influence does the Gulf states have on trade?
International airports are growing very rapidly in the Gulf states. The region has a role as a hub between the developed economies of Europe and the rapidly expanding economies in Asia
What impact does the Gulf states have on transport?
Airlines in the Gulf are some of the fastest growing in the world, including Etihad and Emirates (both UAE) and Qatar Airways. All are expanding aggressively, increasing their fleet size including orders for the Airbus A380.
How have TNCs been attracted to the area?
*Free Trade Zones have been set up,
including Dubai Internet and Media cities
and Dubai Knowledge village. TNCs such as
Microsoft, IBM and CNN have been attracted.
*Improved education, infrastructure developments and free trade policies and zones,Foreign Direct Investment (FDI) in the region has risen sharply in most countries
Other than the oil and gas industry, who else has been attracted to the area?
The Gulf states were a migration
hot spot initially for the oil and gas industry,
but more recently in the construction, property
development, education, retail, financial and
tourism sectors
How did Bahrain gain international status?
Bahrain has used the F1 Bahrain Grand Prix
to gain international status and the current
round of WTO world trade talks began in
Doha, Qatar.
What is Masdar City powered by?
In Abu Dhabi, Masdar City is an entirely new, $22 billion research and development ‘conservation’ city powered by renewable energy and planned to become a global centre for renewable energy research.
Give an example of a landmark megaproject
Numerous landmark megaprojects have been
built including the $4 billion Burj Dubai
planned to be the world’s tallest building and
the 7 star Burj-al-Arab hotel.
