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The Gulf States and the World
The countries of the Gulf Cooperation Council (GCC) - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates - now form one of the fastest growing parts of the world economy. The oil boom of the last few years has served to highlight and accelerate growth in financial market activities across the Gulf region and in Islamic financial and banking activities overall. To explain recent economic developments and anticipate emerging trends, the research team applies an interdisciplinary approach to the analysis of the area - building on Chatham House's thorough understanding of foreign policy, history and politics of the broader Middle East region.
Recent research activity has been focused on prospects for the GCC states' economies and the potential development of the region as a Global Financial Centre (GFC) over the next decade. The findings are published in a report The Gulf as a Global Financial Centre: Growing Opportunities and International Influence (June 2008). The report is based on in-depth discussions with central bank governors, key policymakers and leading financial practitioners in the Gulf, UK and US and a series of successful research workshops held in Dubai, New York and London.
A forthcoming book The Gulf Region: A New Hub of Global Financial Power? will analyse the region's global aspirations, strengths and weaknesses in financial markets and long-term economic trends. It will assess the GCC area as a financial centre and an economic hub focusing on its role in the world economy and capital markets and consider the sizeable sovereign wealth funds of the region.
The support of the Bahrain Economic Development Board, Dubai International Financial Centre Authority, Qatar Financial Centre Authority, and State Street Global Advisors is gratefully acknowledged.
For more information, please contact the project organizers:
Project Leaders
Dr Paola Subacchi, Research Director, International Economics, Chatham House
Vanessa Rossi, Senior Research Fellow, International Economics Programme, Chatham House
Research Assistant
Ruth Davis, International Economics Programme, Chatham House
Administrator
Amalia Khachatryan, International Economics Programme, Chatham House
More information about our research on the Middle East can be found on the Middle East Programme pages.
Resources:
Reports and Papers
-
The Gulf as a Global Financial Centre: Growing Opportunities and International Influence, Chatham House Report, June 2008
- Prospects for an EU-Gulf Cooperation Council Free Trade Area: The World's First Region-to-Region FTA?
Briefing Paper by Jim Rollo, April 2008 - Capital Flows and Emerging Market Economies: a larger playing field?
Briefing Paper by Paola Subacchi, September 2007 - A new fiscal framework for GCC countries ahead of monetary union
Briefing Paper, Daniel Hanna, May 2006
International Affairs
Islamist Violence and Regime Stability in Saudi Arabia
Thomas Hegghammer, July 2008- Political change in the Arab oil monarchies: from liberalization to enfranchisement
Anoushiravan Ehteshami and Steven Wright, September 2007
The World Today
- The Gulf in the G8 Agenda: Top Table Time?
Vanessa Rossi and Ruth Davis, June 2008 - Arab Gulf States and America: Making Friends
Simon Henderson, May 2004
Books
- Globalization and the Middle East
Toby Dodge and Richard Higgott (eds), March 2002 - Managing New Developments in the Gulf
Rosemary Hollis (ed.), October 2000 - Environmental Issues for the Gulf
Peter Kassler (ed.), October 1999 - Oil and Regional Developments in the Gulf
Rosemary Hollis (ed.), September 1998
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