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Explain the Factors That Have Led to Rapid Economic Growth in the Gulf States?

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Explain the factors that have led to rapid economic growth in the Gulf States?

When we speak of the Gulf States we instantly associate itself with their vast wealth in the oil sector. Through oil and gas the money generated, much of it is transferred into sovereign wealth funds to invest in projects around the world, which has increased the wealth of the Gulf States by having chunks of business and industry worldwide. This wealth has also given the states the capacity to invest in infrastructure such as airports where for example in Doha from 2008 where the airport had a ten million capacity to 2015 where there will be a 90 million capacity. Qatar, the UAE and Bahrain have invested the most into these projects to increase their global connections and become a knowledge economy. Etihad, Emirates and Qatar airways are all involved in this feat as it has ensured a successful transition of their oil from their petroleum economies as well as creating transport links to make the countries easier to visit. Its geographical position is also a major factor in their economic development. Considering its situation the area is considered as a global ‘hub’ between the developed economies of Europe and the rapidly expanding economies in Asia like China and India so it is the perfect placement for global trade and business.

The creation of free trade zones including the ‘Dubai Internet and Media cities’ and ‘Dubai Knowledge village’ have encouraged big TNC’s to set up businesses with the likes of Microsoft, IBM, and CNN all have offices set up in the Middle East. The government in Bahrain has used the F1 grand prix to gain international status and the 2010 round of WTO world trade talks took place in Doha, Qatar. Investment in infrastructure in Dubai such as the Burj Khalifa, these together have promoted the region globally and brought money into the area. The small Gulf

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