In recent years, the Gulf Cooperation Council (GCC) – The Kingdom of Saudi Arabia (KSA), United Arab Emirates UAE, Qatar, Oman, Kuwait and Bahrain – has been focused on ensuring that their economies are only oil-driven Don’t be
The UAE, KSA and Qatar have taken steps in this direction, although other countries are also following it. GCC Countries have been demanded Move towards a new economic model, With a focus on areas such as infrastructure, tourism, technology, research and development (R&D) and facilitating overall development.
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It would be appropriate to point out that Efforts to focus on non-oil fields Have been for some time. There is a strong reassessment of this point, according to some estimates, even between 2000–2013 Non-oil sector’s share of real GDP increased From 12% to an estimated 70%). In recent years (from June 2014 to February 2016, the price of oil per barrel has dropped significantly as a result of disruptions that began with the 2014 oil crash. 116 USD to 27 USD), Such efforts have only accelerated.
GCC countries have also created long-term strategies for their individual economies, including; Saudi Strategy 2025, Oman – Vision 2020, UAE – Vision 2021, Bahrain – Vision 2030 and Qatar National Vision 2030. Together required Economic policies to attract potential investors And to achieve the objectives of the vision strategy, member states of the GCC have also introduced Social reformsWith special emphasis on making women important stakeholders in the region’s economic progress and political life.
The GCC region, as a whole, is keen to dispel the notion that it is ‘conservative’.
Reducing dependence on foreign workers
Apart from reducing the dependence on oil, one of the changes is to make it Reduction in dependence on foreign workers. While the debate in this direction has been going on for some time, some laws passed by the GCC countries, such as Kuwait (Where the government wants to reduce the number of foreigners to 30% of the total population and Change all migrant government employees), Oman (which passed an order earlier this year that had state-owned companies Extending fires, and hiring locals).
Watch: Exports of GCC and UAE population fall by 10%
This resulted in many workers returning to South Asia. Coronavirus Epidemic, and it is likely to result in a significant decline Dispatch to South Asia In particular and in India in particular (which decreased to an estimated 83 billion USD in 2019). Changing immigration policies, countries have also begun to realize that exiting professionals will be at a disadvantage to their respective economies (sometimes since the epidemic) expats have been stating they cannot afford to rent )
The UAE is seeking to attract professionals
In this context, the case of the United Arab Emirates is particularly important. To deal with economic and geopolitical disruptions is to respond to change, and to hurry. According to several studies, the UAE is the most diverse economy in the GCC due to its flexible and practical policies and rapid response to change. While the lockdown has hurt the economy as a result of the epidemic, the UAE has made some interesting changes to remain an attractive destination for white-collar professionals who started leaving after the outbreak of the epidemic. high cost of living, As a reason.
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Analysts say that unlike other GCC countries, the United Arab Emirates is a more global economy and is not only an important global trade and business hub, but an important tourist destination. Insular policies are not good from its brand image and practical standpoint: important sectors of the economy – such as hospitality, luxury items, and schools dependent on middle-class professionals – belong to this sector of most expanding societies.
How has governance changed in the Gulf recently
The UAE has recently introduced some Changes in Islamic laws To state that it respects personal freedom. Observers feel that these changes are clearly aimed at attracting western expansion. The UAE has also been working with professionals for 10 years to retain talent. In a tweet made on 15 November, Sheikh Mohammed bin Rashid Al Maktoum, UAE vice-president and PM and ruler of Dubai, said: ‘Today, we approved the granting of 10-year golden visas to all PhD holders in the United Arab Emirates. Also, Golden Visa will be awarded to top graduates with a GPA of 3.8 and above from UAE-accredited universities. ‘
He also said that the Golden Visa will include UAE-based physicians and engineers in the fields of computer science, electronics, programming, electricity and biotechnology in addition to experts in areas such as AI, big data, virology, epidemiology. Maktoum also clarified that the UAE was keen to retain talent that contributed to the development.
India’s important role in the future of the Gulf economy
In recent years, the UAE has also been acquiring professionals from India in areas such as banking, and information technology. Given the close ties between the two countries, India could be one of the major beneficiaries, noting that many children of these professionals are studying in UAE schools (while some of them chose to go west due to more liberal immigration policies Opted for. With this change they can also pursue their higher studies in the UAE).
With the changing attitude of countries such as Canada, Australia, UK and USA towards immigration, Indian students wishing to explore opportunities abroad should see UAE as a possible destination.
Given the epidemic and its geographical proximity to South Asia, it could emerge as an attractive destination. Furthermore, in recent years, the UAE’s relations with India have seen steady improvement. New immigration policies can further strengthen bilateral relations and take it to the next level. One of the major hallmarks of the UAE has been its foresight. At a time when the rest of the world, particularly other GCC countries are becoming more insular, recent announcements regarding work visas for professionals should be appreciated.