The Authority Proclamation, Tasks, and Real Speculations in UAE - Literature review Example

Dubai Plan 2021 Literature Review [Name] [Tutor] [University] [City] [State] Dubai Plan 2021 Literature Review Introduction A number of motivations are known to concentrate on the implications of economic growth and development as it is observed in the Gulf countries. According to Kubursi, 'if only the oil supplies are consistent and the accrued interest from the sale of oil is stable and continuous, the economic globalization would be of little significance. The administration of the UAE locals would require a guarantee of the conveyance of the oil earnings among the residents sufficiently' (Kubursi 1984). However, currently the oil assets are few, and the past experience indicates that both cost and the interest for oil products have significantly changed. Another variable showing similar conveyance in diversification in the front line in the economic national approach in the Gulf countries is the certain of the oil incomes that rapidly swarm out regardless of the other industries action on the market. There are three components have made the fact of economic development on a political plans for all the Gulf countries since oil was discovered. The political accent on economic diversification seems to have differences on the salaries that come from both oil and gas. Therefore, the low oil cost proved stable as the political accent on diversification took charge. The growth accelerated for years (2000–8) which were typical in the growth drive that followed that time with high salaries. Currently, Gulf States seem not to give any political interest to the economic globalization, additionally to look for such methodology in absolute set terms. Looking into the authority proclamation, tasks, and real speculations in UAE, it shows that; It is understandable that the todays political enlighten on globalization has been spurred by many issues that emerge from developmental stages that are unique to oil-and-gas-engineered economies of all the GCC nations. The 'designation state' model depend on provision of limited hydrocarbons, is state-driven, raises the riches conveyance, making a broad use of outsourced work, and is explained by a the huge less development of profitable resources. The model is along the lines of neglects to boost further development of the GCC Nations in two critical ways. Initially, it ignores production of steady and enough wage for the citizens; and next, it avoids making openings for more work sufficient for the quickly developing population of proactive and committed natives (Hvidt 2011a: 88). The economic development is not another alternative methodology installed in the GCC countries. It has remained a political plan from the time oil and gas became the sole provider of wage in these countries with a significant part of the past centuries (Henry, 2001). Outstanding dealings like aluminum purification in Bahrain, the urban families of Yanbu, as well as Jubail in Saudi, and the international ports in Dubai that were built in 1970s with a particular aim of expounding the economy foundation by investing the natural resources money in other revenue creation avenues. Literature Review Questions By application of the comparative methodology, literature review paper will aim at breaking down the stepwise economic development programs that are exercised in these GCC countries. Additionally, it tries to give an identical analysis of the latest arrangements for diversity or national objectives widespread in UAE, through a study of the mechanisms that identify with each one of them in terms of similarities and differences, and how it adds to the extensive proponents of diversifying the economy of every sovereign state. The review will give hint on how to manage two major issues that are accepted to be vital in the drive towards diversity. Along the similar lines for the future advancement of the GCC nations. Initially, it will look into particular economic districts that are trying to make it through the diversification stage using these approaches (Evans 1995). It will also endeavor to investigate the several future portions of the national economy, as well as the likely effects on their improvement goals. The stable state relationship with in the economy of UAE has given significant results compared to other Asian ever recorded economies (Amsden 1989) According to White (1988) and World Bank (1993), 'the West' has always upheld a neo-liberalism methodology and mechanisms. In the business sector, the economy is largely driven by private investiments on the resident companies. Therefore, there are various approaches to understanding the part of every nation’s economy. Also, along these dimensions we investigate how the diversification depicts a continuation of the current state of free enterprising or a movement in attainment of the "western" neo-liberalism selected model. Besides, it studies the role(s) that the private sector is expected to play and to which extent the arrangements can be expressed when craving on moving the social order from the designation stated to becoming economically stable states. To scritinize the two major issues aimed at by the this literature review, the following inquiries are requested that help gather survey of the differences and identicalness among the 2021 plans: 1. What are the challenges to the development that are imagined in 2021 plans of Dubai diversity and in the capacity that ought to be diversified in order to overcome them? 2. What are economic sectors that will be greatly focused of for the execution of diversification process of the oil, logistics, education, and gas sectors of production? 3. What will be the main driver that does not bound along the economy economy? The State and the market market: who finds out the amount that is aimed to be delivered? Public versus the private – who produces more? 4. What example of (economic) status is planned later on? The Diversification The central issue being highlighted is the Gulf countries how they aim broadening their economic stake by avoiding the complete reliance on the income acquired through the oil and gas products. "Diversification" is an assortment of strategies for a specific field of application. In a political economic level, the applied support for this study, diversity ordinarily relates to the exports, and certainly to the strategies of planning to limit the overreliance on various specific goods that may cost high for lesser volumes due to the varying decreases (Routledge, 2001). Inside the political economy scale, diversifying can happen via either level of development or through the majorly known vertical diversification process, which including several phases of utilizing the domestic and imported inputs in UAE. This way, the vertical diversifying tends support the forward, as well as the reverse relationship in UAE economy. The yields of one move turns to be helpful contribution to the growth process. This way, the updating process of the quality of local goods gains more value. Moreover, the vertical development involves a process that starts with a single part or company and proceeds to the next one. For example, for a mining company it may extend its services from copper removal, and invest in man power provision, handling retailing, and even transporting the final product to ensure continued flow of income round the year. The country that is well coordinated in the production sector achieves extended annual incomes, the profit is balanced through the year, and the expansion esteem is beefed up on the process. Diversification in comparison to industrialization Diversification and the development plans are being thought of here, the concept of "diversifying,” as well as "industrializing" are wholly utilized. Conversely, regardless of the fact of clear conveyance of distinctive inclinations. The practice is justified since the diversifying procedure, especially the vertical diversification mode, refers to the collection of all profitable limits that are inside the assembling, as well as the administration sector. As stated by Seznec, 'clearly since the location's geology landscape does not permit further renovations in horticultural provided employment chances. The administration positions would the arrangement procedure. The management sector requires some benefits to the economy. Much input was dedicated to creating the foundation of the industry that would lead the trades production creating much more administration employment chances (2011b). The Britannica inclines the industrialization to be 'the procedural changing of the socioeconomic demands of the prevailing industry. Business can be described as the gathering of all the beneficial associations that tend create and supply merchandise, more income, and administrations. It resembles the industrialization much more of an extensive procedure instead of just a setup of assembling several commercial ventures in UAE. The industrialization also involves the act of managing a businesses, for instance managing the accounts, eateries, tourism, protection, land authorities, upkeep, repair, and transportation fees among other responsibilities that require monetary management. Along the same thinking, the thought of (vertical) diversification and industry development may get synonymous for most of the people. The idea behind diversification is for equal distribution of risk by introducing an assortment of well-paying sources; however, the industrialization generally means the procedure of introducing different wage rates and sources. Diversification of the overall income Given the idea of enhancing the oil and gas revenue, how further can the improvement of oil private sector participate in the Dubai 2012 diversification procedures? As spotted by imminent Beblawi (2011: 186), there exists an advantage refinement in the process of upgrading the diversification process and the accrued benefits. The author is able to separate the merging sectors of development into duo-classifications: oil products revenue and the import substitutes in the commercial ventures. Unable to overcome the gas and oil extraction, the oil-based transactions are seen to incorporate the refineries, and serious important businesses deals, for this case, the aluminum. As the author calls for attention to all oil-based business ventures that are typically of great scale and capital undertaking accordingly to the most of the nations in the UEA upgrade plan. The import substitute businesses incorporate various set of undertakings, mostly the sustenance preparedness and general production of diversification materials. The last part involves the generation of concretes, aluminum outlines, cladding, and steel. These commercial investments are little, exclusive, and labor intensive. Clearly, the diversification process of extending the oil investment and revenues will not substantively reduce over – reliance on the oil and gas products as the major income creator since diversification depends solely on the simplicity and abundance of the supply of oil and gas elements in all the members of Gulf nations. The industries express less prospects towards survival incase the collapse of the oil industries, which would accrue the hugest economic recession in Dubai and environs. Therefore, refining the raw petroleum and using gas as the major feedstock in the petrochemical plants will tend to alleviate the UAE the risk that is connected with the vacillations of the global oil price, catering for the employees’ wages and achievement of higher quality of fuel that is readily available. Diversification via foundation of imports substitution in the commercial enterprises can be conceivably near to the first instance of stripping more revenue from the oil products. Additionally, it holds a substantial improving prospect of surviving in case the oil period suffers a hitch, if the industries have been usual working under the current economic valuation amidst the oil duration. Whether it does not solely depend on the good generation procedures given by the general flow of oil revenue in the public domain. This, however, does not seem to be the major situation as we can witness. Diversification of the oil regions can be done by extending the oil related commercial businesses, has always been the most forthcoming result of the efforts that are involved all Gulf States. It is easier for the UAE states to exercise the above projections; given the excess capital that is accrued by the management structure and, has been the probable scenario with state that is wholly possessed by oil plants. The likely disturbing form of industry to foster the private imports as the only substitution product. Declaration won’t make it, yet calls for enterprise, as well as personal risk taking along the investment period. Diversification and private sectors dynamics An identical inquiry can be whether the diversification process requires the expansion of the private sector involvement. For example, in its implications of diversity, ESCWA involves the private sector largely as noted in (2001: vii). One could vouch for the need not to cause the uncomfortable state – owned undertakings (SOUs) and associations that are more fit to bringing more profits from the ventures of an expanding scope of economic involvement. If they include the input resources into the tourism sector, it can produce numerous commercial revenue and more jobs creation hence raising the economy of the UAE states in a whole. Hertog (2011) introduces a general evaluation techniques for the SOUs, specifically for the ones with malicious thought of attaining monetary resources for self-consumption. In the present neoliberal view, especially before the cash that was related to emergency in 2008, there existed, an immense doubt on the effectiveness of SOUs and the corresponding substantial trust in the production efforts increased to acquire the privatization efforts. Additionally, studies have shown that the advancement plans involved in the managing diversification of the Gulf area should embrace the concept of diversification suggested by an extended private sector in the commitment of improving the economy. The main purpose behind the connection between diversifying and private sectors has contribution to the economy growth by twofold. Initially, the present part of state models that are just a moderate small part of the closer population is included in the whole economic exercise. This especially happens for both the oil and gas extraction business as the capital grew, and therefore, they do not give significant jobs since, as explained above, the allotment of states lacks the concentration of making the indulgence profitable, and by use of the stated lines can cause systemically underdevelopment of the benefiting sectors. Diversification and the sovereign stores A second idea behind need for the expanded private sectors in association with the diversification implies that the idea of the foreign direct investment (FDI). FDI assumes the capital also, and the important things are occupations, administration, and innovation techniques. In addition, the FDI can stream private sectors which are fundamental to the flow of private firms’ investments. The potential of the GCC states to pull the FDI is highly constrained a functional industry progression. According to El-Kharouf et al. (2010) the breakdown of the inquiry can contend that ' origination and advances of SWFs were fundamental part of the general wanted solution for all the recurrent financial uneven reports that were oil-based GCC economy.' The current arrangement reasons were straightforward. By taking oil as the income of the neighborhood or the worldwide transactions, the GCC states could be able to inflict change over all the unpredicted and expendable oil finances for a steadier budgetary flow of wealth that can be used to build up the social orders over a longer time (El-Kharouf et al. 2010). Kuwait started the advancement by bringing up the Kuwait Office located in London as the head of the program as at 1953 (Beblawi 2011). Kuwait’s Reserve money for the Future coming Generations, where 10 for every single penny of its annual oil and gas products finance were set, and evaluated to be around US$100 billion after the war that had ensued if the Gulf in 1990–1 period. The profits got from these investments were from the request that was practically identical every year there was a pay for the oil and gas (Europa 2008). Today, the largest single SWF globally is Abu Dhabi Investment and Authority that solely holds resources that are worth US$ 627 billion by 2011. This was a double fold compared to other SWFs that are registered under UAE. As depicted in the Table 1, the Gulf countries have a real worth of US$1,659 billion profitability. Off the chance of investments that are embraced globally, they never provide employments chances to the communities that live the neighborhood therefore not benefiting the UAE community equally. Table 1. GCC states in the sovereign stores for the wealth funds in (US $ billion), at the end of year 2011 Bahrain Kuwait Oman Qatar Saudi UAE Total 9 296 8 85 478 783 1,659 Source: SWF Institutes (2012). Measuring success in term of Diversification There exist a number of estimates, which can indicate the actual picture of the impacts that come from the diversity process. In case of high evaluations and estimates that require a significant bit of information and are had to apply in the Gulf States. With these justifications that accompany a couple of estimates are typically connected as shown: 1. the rate of oil versus non-oil sectors commitment have towards GDP (or GDI), gives a signal of all the essential changes in the public view; 2. the prices determination by oil the incomes to an extent show the aggregate governmental various assets, which can demonstrate regardless of the fact that reliance on the oil product earnings can be diminished; 3. the price determinations of the non-oil exports to the total tradingoff profitability, due to the increasing non-oil exportations are a signal of global diversification; 4. the relative inclusion of the whole population as well as the private sector to the national GDP that is critical to the estimations and achievements of global diversification as far as advancement of the industries presupposes the development in the global sector; 5. The uncertainty and insecurity of the UAE GDP and the connections to the oil value is precarious. Despite these measures being exceptionally unrefined, they still showed hardness during the survey in all the circumstances of dynamic oil prices. On the lack of a chance that the price of oil fluctuates, all these indicators will influence (Looney 1994). Unbearable to the issues that are connected to having all the right collection of information and data of the inconsistent oil incomes over the past years shows the level of diversification that is taking effect. The Government is spending, for example on the development efforts that are supported by oil revenue. The above mentioned areas have clearly shown the endeavors that characterize and try to substantiate the ideas of economic diversity. Development involves the broad social procedures, which makes a different nation from a single huge source of income, for the presented situation of oil or gas products, to a generalized public. The public have various sources of revenues that are created due to the essentials, territory, and huge population to be fed for the years to come as the oil continues to be discovered globally. On the other hand, it has been found out that the private sector in association with public sectors have joined efforts to ensure productivity and attainment. The planning methodology in GCC states vary in degree and the probable level of quality and interests of the citizen. Every nation has well distributed plans and dreams that set up more targets that are executed for the whole set out plans, as well as the spending. The actual planning styles are appropriate to the plan, therefore, suggesting an economically motivating drives away from directives that are issued to ensure that the goals remained vivid and are followed to the letter by all the states to ensure that there are back up plans in case of the collapsing of the oil market demand and prices. Commonly, all the definite known plans (the 5-year plan) put in place for the quantitative targets markets such as those that are identified with their investments, GDP, utilization, and job opportunities targets an identified group of humans basing on social advancement plans. The United Arab Emirates (UAE) The plan The UAE countries propelled the Vision 2021 during February 2013. The idea was proposed before the congress by National Work setting since 2005, compared to the UAE Governmental Strategy. Taking after the Vision of the year 2021 strategies, the management evenly distributed the efforts for the two years. The last several reports conveyed that the mark of the leader of the Dubai state, Sheik Mohammed, was a VP and the senior executive of the UAE. All the plans have the possible earmarks of propelling the proactive for of diversification, as well as the star business parallel talks that were synonymous to Dubai up to the next fiscal report in year 2008. The vision 2021, which is (26 pages) and extremely huge plan to execute, expressing a progress of general improvement of the UAE Cabinet (2010b). The plan unequivocally looks to satisfy a point of securing the dispersal of social and economic development, and taxpayer-supported organizations to each of the seven Emirates (UAE Cabinet 2010a: Foreword). As outlined by Vision 2021 all the UAE plans for winding up as the most developed states in the world (UAE Cabinet 2010b). Also, it shows the diversification progress for the whole of UAE. Review Dubai has been more proactive and quite energetic states in its efforts of diversifying the GCC region. Through their own responsibility of a business-accommodation in the environment, depending on the openness given to the foreigners invloved in the business, as well as the other public arena in addition the profound confidence for the proactive parts of the state economy (Hvidt 2007: 559). The major components of 'Dubai economic models' of the economic empowerment are included in the following: (1) government-driven diversity, (2) quick actual leadership management, and fast growing development strategies, (3) an adaptable man power for importing services. (4) Bypassing the industrialization by making an administrative economy, (5) international administration and global procurement, (6) availing possible opportunities, (7) Sufficient supply as requested, (8) marketing by means of marking the possible areas, and (9) advancing with collaborating with the global accomplices. The improvement done in Dubai has shown a model that is used by other GCC states (Hvidt 2009). Dubai is overly guaranteed that all the non-oil sectors holds close to 95% for every penny calculated in the GDP attained in 2005 (Executive Council 2007). The use of theoretical elements has joined to the building of the Dubai that endured fundamentals on the economic emergencies that ensued in 2008. The late data shows the business sector is recuperating well and that the financial analysts and the organizations in state of Dubai are recovering the economic force (MEED 2012b). Vision 2021 is exceptionally broad when it comes to real life situation and nature. It likely helps to mirrors all the political hitches of planning all the seven Emirates in wholesomeness. These are to a significant degree diverse in geological size, the level of advancement, populace size, and oil assets and in this way income. The plan does not indicate a particular issues or difficulties confronting the state, yet seems more like a list of "active" improvements to come. Both the vision 2021 and the put in place Government Strategy (2011–2013) allows an exceptional constrain on the privatized sectors. Truth be said, "Private" appears just rarely in the general archives. No notice seen in the diminished governmental association in creation of the economy, for example through the privatization of the government- owned benefiting resources. Or that of expanded lending by selective private sectors. Tentatively, so far it is made clear that the UAE states works for the global business community for the economy nourishment, where advancement, competitiveness, and efficiency crucial for greater achievements. The plan appears to bold the economic model that the business sector is driven upon and for the time being public oppression. The model can be called 'diversification that lacks the sense of privatization.' In the general social sector through the investment resources, for instance, the Mubadala Corporation focused at diversification – makes an endeavor to work for the private business sector. The procedures seem to leave the state in a depended by the creative society. Also, the industry is based on all accounts that are constrained to the customary processes, to be exact in the exchange business and SMEs. The vision 2021, which alligns with the Governments’ Strategy that was stipulated in (2011–2013), cites the need for a critically enhanced administrative skills and experienced structure from the economy sectors. A legislature that accounts for, which is inventive, incline, and forward-looking. The planning and the coordination from the both government proponents between the seven members of UAE are seen as the fundamentals of further economic milestone improvement. Bibliography Airbus, 2012. Global Market Forecast 2011–2030: Pocket Guide. Blagnac Cedex: Airbus Industries. Amsden, A. H., 1989. Asia’s Next Giant: South Korea and Late Industrialization. New York: Oxford University Press. Bahrain EDB (Economic Development Board), 2008. Our Vision: The Economic Vision 2030 for Bahrain. Manama: Bahrain EDB. Beblawi, H. El, 2011. Gulf industrialization in perspective. In J.-F. Seznec and M. Kirk (Eds.), Industrialization in the Gulf: A Socioeconomic Revolution. London: Center for Contemporary Arab Studies, Georgetown University/Routledge, pp. 185–97. Central Bank of Kuwait, 2007. Kuwait 2020. Kuwait City: Central Bank of Kuwait. CIA, 2012. The CIA World Factbook. Country Comparison: GDP – Per Capita (PPP), https://www.cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html, accessed 29 April 2016. Colton, N., 2011. Social Stratification in the Gulf Cooperation Council States. Kuwait Programme on Development, Governance and Globalization in the Gulf States, Research Paper No. 14. London: London School of Economics. Cook, F. D. and K. Nielson, 2011. Industrializing Gulf Society, in J.-F. Seznec and M. Kirk (eds.), Industrialization in the Gulf: A Socioeconomic Revolution. London: Center for Contemporary Arab Studies, Georgetown University/Routledge, pp. 198–204. Crystal, J., 1990. Oil and Politics in the Gulf: Rulers and Merchants in Kuwait and Qatar. Cambridge: Cambridge University Press. Crystal, J., 2007. Kuwait. In D. E. Long, B. Reich and M. Gasiorowski (eds.), the Government and Politics of the Middle East and North Africa. Boulder, CO: Westview Press, pp. 157–65. Davidson, C., 2009. Abu Dhabi’s New Economy: Oil, Investment, and Domestic Development. Middle East Policy, 16 (2), pp. 59–79. Davidson, C. M., 2005. The United Arab Emirates: A Study in Survival. Boulder, CO: Lynne Rienner. Economist, 2012. Special Report. The Rise of State Capitalism: The Emerging World’s New Model. The Economist, 21 January. El-Kharouf, F., S. Al-Qudsi and S. Obeid, 2010. The Gulf Corporation Council Sovereign Wealth Funds: Are They Instruments for Economic Diversification or Political Tools? Asian Economic Paper, 9 (1), pp. 124–51. ESCWA (Economic and Social Commission for Western Asia), 2001. Economic Diversification in the Oil-Producing Countries: The Case of the Gulf Cooperation Council Economies. New York: United Nations, ESCWA. Europa Publications (ed.), 2008. The Middle East and North Africa 2009. London: Routledge. Europa Publications (ed.), 2011. The Middle East and North Africa 2012. London: Routledge. Evans, P. B., 1995. Embedded Autonomy: States and Industrial Transformation. Princeton, NJ: Princeton University Press. Executive Council, 2007. Highlights: Dubai Strategic Plan (2015). Dubai: Executive Office. GCC (Gulf Cooperation Council), 1981. The Unified Economic Agreement between the Countries of the Gulf Cooperation Council. Riyadh: Cooperation Council for the Arab States of the Gulf, Secretariat General. GCC (Gulf Cooperation Council), 2001. The Economic Agreement between the GCC States. Riyadh: Secretariat General of the Gulf Cooperation Council. Global Investment House, 2010. Kuwait Development Plan: Kuwait Approves US$125bn Development Plan. Kuwait City: Global Investment House. GSDP (General Secretariat for Development Planning), 2008. Qatar National Vision 2030. Doha: GSDP. GSDP (General Secretariat for Development Planning), 2011. Qatar National Development Strategy 2011–2016. Doha: GSDP. Gulf Times, 2011. Gulf Carriers Aim for Top Spot with Record Aircraft Orders. Gulf Times, 18 November. Henry, C. M. and R. Springborg, 2001. Globalization and the Politics of Economic Development in the Middle East. Cambridge: Cambridge University Press. Hertog, S., 2010. Princes, Brokers, and Bureaucrats: Oil and the State in Saudi Arabia. Ithaca, NY: Cornell University Press. Hertog, S., 2011. Lean and Mean: The New Breed of State-Owned Enterprises in the Gulf Monarchies, in J.-F. Seznec, and M. Kirk (eds.), Industrialization in the Gulf: A Socioeconomic Revolution. London: Center for Contemporary Arab Studies, Georgetown University/Routledge, pp. 17–29. Hirschman, A. O., 1958 (1969). The Strategy of Economic Development. New Haven, CT: Yale University Press. Hvidt, M., 2007. Public–Private Ties and Their Contribution to Development: The Case of Dubai. Middle Eastern Studies, 43 (4), pp. 557–77. Hvidt, M., 2009. The Dubai Model: An Outline of Key Development-Process Elements in Dubai. International Journal of Middle East Studies, 41 (3), pp. 397–418. Hvidt, M., 2011a. Economic and Institutional Reforms in the Arab Gulf Countries. Middle East Journal, 65 (1), pp. 85–102. Hvidt, M., 2011b. Economic Reforms in the Arab Gulf Countries: Lip Service or Actual Implementation?, in M. Legrenzi and B. Momani (eds.), Shifting Geo-Economic Power of the Gulf: Oil, Finance and Institutions. Farnham: Ashgate, pp. 39–54. IMF (International Monetary Fund), 2011a. Regional Economic Outlook: The Middle East And Central Asia, October. Washington, DC: IMF. IMF (International Monetary Fund), 2011b. World Economic Outlook: Slowing Growth, Rising Risk, September. Washington, DC: IMF. IMF (International Monetary Fund), 2012a. Saudi Arabia 2012 Article IV Consultation. IMF Country Report No. 12/271. Washington, DC: IMF. IMF (International Monetary Fund), 2012b. World Economic Outlook: Coping with High Debt and Sluggish Growth, October. Washington, DC: IMF. Khaleej Times, 2011. ME Carriers Set for More Growth. Khaleej Times, 15 November. Koren, M. and S. Tenreyro, 2010. Volatility, Diversification and Development in the Gulf Cooperation Council Countries. Kuwait Programme on Development, Governance and Globalisation in the Gulf States, Research Paper No. 9. London: London School of Economics. Krippendorff, K., 2004. Content Analysis: An Introduction to its Methodology. Thousand Oaks, CA: Sage. Kubursi, A. A., 1984. Oil, Industrialization and Development in the Arab Gulf States. London: Croom Helm. Legrenzi, M., 2008. Did the GCC Make a Difference? Institutional Realities and (Un) Intended Consequences, in C. Harders and M. Legrenzi (eds.), Beyond Regionalism? Regional Cooperation, Regionalism, and Regionalization in the Middle East. Aldershot: Ashgate, pp. 107–24. LHV Persian Gulf Fund, 2011. Saudi Arabia Distributes $130 Billion, http://persiangulffund.com/saudi-arabia-distributes-130-billion, 29 April 2016. Looney, R. E., 1994. Industrial Development and Diversification of the Arabian Gulf Economies. Greenwich, CT: JAI Press. Luciani, G., 1990. Allocation vs. Production States: A Theoretical Framework, in G. Luciani (ed.), the Arab States. London: Routledge, pp. 65–84. Martinussen, J. D., 1997. Society, State and Market: A Guide to Competing Theories of Development. London: Zed Books. McBrierty, V. and M. Al Zubair, 2004. Oman: Ancient Civilisation, Modern Nation. Towards a Knowledge and Service Economy. Dublin: Trinity College Dublin Press; Muscat: Bait Al Zubari Foundation. MEED, 2005. A Fresh Start. MEED, 30 September. MEED, 2008. Planning Drives Oman's Economic Growth. MEED, 18 September, www.meed.com, accessed 29 April 2016. MEED, 2009a. 2009 Review: Crown Prince Sheikh Salman bin Hamda al-Khalifa on Bahraini Reform Plans. MEED, 24 December, www.meed.com, accessed 29 April 2016. MEED, 2009b. Delivering Manama’s Economic Vision. MEED, 29 October, www.meed.com, accessed 29 April 2016. MEED, 2009c. Education City: The Foundation for Qatar’s Future. MEED (supplement), 18 September. MEED, 2009d. GCC Slow to Adopt Unified Economic Plan. MEED, 16 March. MEED, 2009e. Qatar Implementing National Vision. MEED, 9 September. MEED, 2010a. Oman Sets Out a Vision for Economic Growth. MEED (supplement Middle East Economic Review 2010). MEED, 2010b. Slow Progress Stalls GCC Integration. MEED, 31 December. MEED, 2011a. Golden Opportunity for Rail in the Gulf. MEED, 7 January. MEED, 2011b. Governments in the Middle East Buying Time. MEED, 14 October. MEED, 2011c. Oman Spends to Quell Unrest. MEED, 29 July. MEED, 2012a. Qatar: The Game of Their Lives. MEED, 2 March. MEED, 2012b. Real Estate Key to Dubai’s Economic Recovery. MEED, 4 October. Ministry of Information, Sultanate of Oman, 2006. The Seventh Five-Year Plan (2006–2010). Muscat: Sultanate of Oman, Ministry of Information. Ministry of Information, Sultanate of Oman, 2011. Objectives of the Eighth Five-Year Development Plan (2011–2015), http://www.omanet.om/english/commerce/econ1.asp?cat=comm, accessed 29 April 2016. MoEP (Ministry of Economy and Planning), 2004. Long-Term Strategy for the Saudi Economy: Riyadh: Ministry of Economy and Planning, Kingdom of Saudi Arabia, www.mep.gov.sa/index.jsp;jsessionid=E8C97863827DC1926339E242A3B10C04.alfa?ev ent=ArticleView&Article.ObjectID=53, accessed 29 April 2016. MoEP (Ministry of Economy and Planning), 2010a. Brief Report on the Ninth Development Plan (2010–2014). Riyadh: Ministry of Economy and Planning, Kingdom of Saudi Arabia. MoEP (Ministry of Economy and Planning), 2010b. Homepage: Ministry of Planning, Kingdom of Saudi Arabia, www.mep.gov.sa, accessed 29 April 2016. MoEP (Ministry of Economy and Planning), 2010c. Ninth Development Plan (2010–2014). Riyadh: Ministry of Economy and Planning, Kingdom of Saudi Arabia. MONE (Ministry of National Economy), 1995. Long-Term Development Strategy (1996– 2020): Vision for Oman’s Economy – 2020. Sultanate of Oman, Ministry of National Economy, www.mone.gov.om/viewPublication.aspx?id=366, accessed 29 April 2016. Niblock, T. and M. Malik, 2007. The Political Economy of Saudi Arabia. London: Routledge. Oman Daily Observer, 2011. Full Text of the National Economy Minister’s Address Outlining the 8th Five-Year Plan and State’s General Budget for 2011. Oman Daily Observer, 3 January, http://main.omanobserver.om/node/35641. OPEC (Organization of Petroleum Exporting Countries), 2012. OPEC Basket Price, www.opec.org/opec_web/en/data_graphs/40.htm, accessed 12 January 2012. O’Sullivan, E., 2008. The New Gulf: How Modern Arabia is changing the World for Good. Dubai: Motivate Publishing. Peterson, J. E. 2009. Life after Oil: Economic Alternatives for the Arab Gulf States. Mediterranean Quarterly, 20 (3), pp. 1–18. Port of Sohar, 2012. About the Port, www.portofsohar.com/about-the-port, accessed 29 April 2016. Porter, M. E., 1998. Clusters and the New Economics of Competition. Harvard Business Review, November–December. Reuters, 2011. Bahrain Promises Government Jobs, Protests Continue. Reuters Online, 6 May, www.reuters.com/article/2011/03/06/bahrain-jobs-idUSLDE72505C20110306, accessed 29 April 2016. Richards, A., and J. Waterbury, 2008. A Political Economy of the Middle East. Boulder, CO: Westview Press. Rivlin, P., 2009. Arab Economies in the Twenty-First Century. Cambridge: Cambridge University Press. Routledge Encyclopedia, 2001. Search term: ‘Diversification’, in R. J. B. Jones (ed.), Routledge Encyclopedia of International Political Economy. London: Routledge, Vol. 1, p. 360. Seznec, J.-F., 2011a. Financing Industrialization in the Arab-Persian Gulf. In J.-F. Seznec and M. Kirk (eds.), Industrialization in the Gulf: A Socioeconomic Revolution. London: Center for Contemporary Arab Studies, Georgetown University/Routledge, pp. 30–43. Seznec, J.-F., 2011b. Introduction. In J.-F. Seznec and M. Kirk (eds.), Industrialization in the Gulf: A Socioeconomic Revolution. London: Center for Contemporary Arab Studies, Georgetown University/Routledge, pp. 1–14. Seznec, J.-F. And M. Kirk (eds.), 2011. Industrialization in the Gulf: A Socioeconomic Revolution. London: Center for Contemporary Arab Studies, Georgetown University/Routledge. Shochat, S., 2008. The Gulf Cooperation Council Economies. Diversification and Reform: An Introduction. London: London School of Economics, Kuwait Programme on Development, Governance, and Globalisation in the Gulf States. The State of Kuwait, 2009. Five-Year Development Plan of the State of Kuwait 2009/2010– 2013/2014: A Draft General Framework. Kuwait City: General Secretariat of the Supreme Council for Planning and Development. SWF (Sovereign Wealth Fund) Institute, 2012. Sovereign Wealth Fund Rankings 2011, www.swfinstitute.org/fund-rankings, accessed 29 April 2016. Thirlwall, A. P., 2006. Growth and Development: With Special Reference to Developing Economies. 8th edn. Hounds mills: Palgrave Macmillan. Todaro, M. P., and S. C. Smith, 2011. Economic Development. 11th edn. Harlow: Pearson/Addison-Wesley. UAE (United Arab Emirates) Cabinet, 2010a. Highlights of the UAE Government Strategy 2011–2013. Abu Dhabi: Government of United Arab Emirates, www.uaecabinet.ae/English/Documents/PMO%20StrategyDocEngFinV2.pdf, accessed 29 April 2016. UAE (United Arab Emirates) Cabinet, 2010b. UAE Vision 2021: United in Ambition and Determination. Abu Dhabi: Government of United Arab Emirates, www.vision2021.ae/home-page.html, accessed 29 April 29, 2016. United Securities, 2011. Oman Budget 2011 & 8th Five Year Plan 2011–15: Key Analysis and Review, http://usoman.com.om/UploadFiles/129440373303125000Budget%20and%208th%20Five %20year%20Plan%20Review_18_jan%20_2011.pdf, accessed 29 April 2016. Wall Street Journal, 2011. Saudi Government’s Break-Even Oil Price Rises $20 in a Year. Wall Street Journal, 31 March, http://blogs.wsj.com/economics/2011/03/31/saudi- governments-break-even-oil-price-rises-20-in-a-yea, accessed 29 April 2016. Weiss, L., 2000. The Developmental States in Transition: Adapting, Dismantling, Innovating, and Not ‘Normalizing’. Pacific Review, 33 (1), pp. 21–55. White, G., and R. Wade, 1988. Developmental States and Markets in East Asia: An Introduction, in G. White (ed.), the Development States in East Asia. Hounds mills: Macmillan, pp. 1–29. Willoughby, J., 2008. Let a Thousand Models Bloom: Forging Alliances with Western Universities and the Making of the New Higher Educational System in the Gulf. Working Paper No. 2008-01. Washington, DC: Department of Economics, American University. World Bank, 1993. The East Asian Miracle: Economic Growth and Public Policy. Oxford: Oxford University Press for the World Bank. Read More