The Session included several topics, the most prominent of which are the strengths and weaknesses surrounding the economies of the GCC countries in the current period, the expected challenges and opportunities available to the countries of the region in the economic field, and a discussion of the strategic economic visions of the GCC countries and what has been achieved from them. The participants also touched on issues of economic competition between the Gulf countries and its impact on the desired economic integration process.
In his speech, Dr Akbar Jaffari confirmed that the Gulf countries are going through a phase known as deflationary inflation, where the consumer gets the same commodity at the same price, but in a smaller quantity or volume than before. He explained that the economies of the Gulf countries still revolve around oil and its derivatives, indicating that one of the Gulf countries’ economy depends on oil to approximately 50%, while Bahrain’s economy depends on oil to a lesser extent in the Gulf, that’s 13%, but the Gulf countries generally lack the presence of transformational industries, and therefore the basics of diversifying the Gulf economy become vulnerable to the usual oil market fluctuations. He stated that at the present time, the governments of the Gulf countries are not required or expected to provide financial gifts to their citizens as before, but it is preferable to invest in the qualification and training of citizens more. Dr Akbar Jaffari expected that the year 2023 will witness economic growth at the level of the countries of the region, but he stressed that this growth must reflect positively on all segments of society.
Dr Omar Al-Ubaydli talked about the need to start adopting policies to support innovation, whether in the governmental or private sectors, pointing out that the Gulf countries are still far from this aspect, which exposes them in the long run to the dangers of delaying in catching up with economically advanced countries.
Al-Ubaydli also explained that reforming education in the GCC countries must begin from the primary school stages and not be limited to university education only, in order to spread the mentality of critical analysis that the Gulf student lacks, which keeps him away from innovation and finding creative solutions to challenges. He stressed that the Gulf countries have the opportunity to avail from those with high skills and innovative minds after the Western countries retreated from attracting them due to their internal political circumstances, praising the experience of the Emirates and Bahrain in issuing the golden visa and the attempts of the Emirates specifically to facilitate the entry of innovators and creators into its lands. As for the existence of economic competition between the Gulf countries, Omar Al-Ubaydli confirmed that it is in the interest of the region that each individual country witnesses economic prosperity, which reflects positively on the region in general, indicating that Bahrain, for example, is currently benefiting from all the developments taking place in Saudi Arabia, whether in terms of tourism or commerce, stressing that Gulf investments within the region are increasing, whether Emirati investments in Saudi Arabia or vice versa, as well as the Gulf investments in Bahrain.
At the conclusion of the Dialogue Session, Dr Akbar Jaffari, the economic specialist and Dr Omar Al-Ubaydli, Director of the Directorate of Studies and Research at the Derasat Center, President of the Bahraini Economists Association, received a memorial shield from Miss Safeya Fawzi Kanoo, a member of the Board of Trustees of The Yusuf Bin Ahmed Kanoo Award, in recognition of their participation in the First Season of the Dialogue Sessions of The Yusuf Bin Ahmed Kanoo Award.
Photos from different angles of the Session
Honouring Dr Omar Al-Ubaydli by Miss Safeya Fawzi Kanoo, a member of the Award’s Board of Trustees
Dr Omar Al-Ubaydli during the Session
Dr Akbar Jaffari during the Session
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