GCC presents good business environment in past few years
The Economist Intelligence Unit (EIU) and the World Bank 2014 issued reports saying that the Gulf Cooperation Council (GCC) countries presented a strong business environment in the last few years. This was mainly attributed to the GCC countries’ wide fiscal surplus. These countries remain major global suppliers of oil products and, due to high energy product prices, their fiscal surplus continues to widen. Furthermore, GCC countries are expected to maintain high positions for the period 2014 to 2018 as well, Kuwait Times reported. The key driver in the coming years will be the large infrastructure investments planned after Dubai and Qatar won their bids to host the World Expo in 2020 and the World Cup in 2022, respectively. For instance, the World Expo event is expected to attract 25 million people from abroad, and bring around $23bn of investments in Dubai. However, some of the GCC countries such as Bahrain and Saudi Arabia did not fare well due to their internal political instability. The Economist Intelligence Unit (EIU) recently published its annual “Business Environment Ranking” for 2014. The report is currently ranking Qatar in the 21st place out of 82 countries, among the top 25 percent of the world and the highest within GCC countries.