Post-Oil Economies: Opportunities and Threats
On Tuesday 9th October 2018, the Bussola Institute launched a research paper entitled “Post-Oil Economies: Opportunities and Threats” at a Round-Table event involving representatives of a number of leading Brussels Think Tanks, universities and other institutions.The Bussola Institute is an independent, not-for-profit, non-governmental organisation based in Brussels, established to foster and enhance relations between countriesin the Gulf Cooperation Council (GCC) and the European Union (EU), particularly in relation to political, social, economic, security and cultural issues. The author of the research paper, Mr. Angus Taverner, told the event that diversification is now central to the future economic development of the Gulf region and that countries such as the United Arab Emirates (UAE) are leading the way through early recognition and acknowledgement that oil dependency is neither socially desirable nor economically sustainable over the long term. Mr. Taverner is a leading expert on a diverse range of Gulf matters including political, economic and strategic developments and economic issues. Other key points for discussion arising from the paper included transitioning to a knowledge-based economy and promoting education, innovation, information and communications technology. Participants discussed a wide range of issues including enhancing the position of women in society and in the workplace, the move to renewable energy and the development of strong tourism and cultural sectors in post-oil diversification. The research paper concluded that countries in the Gulf region recognise that oil dependency is not sustainable and that economies are already being transformed using energy wealth to deliver more sustainable economies for the future. While much work has already been done by the Gulf States in moving forward on this agenda, challenges remain and Europe has an important part to play in addressing these.