The political economy of the Gulf region, that was known for its conservative and stagnant economic practices has undergone a massive transformation since 2015. What happened in 2015 that forced these nations that were rather economically stable and resistant to change to adopt radically new approaches? 2015 saw unprecedented drop in oil prices across the world owing primarily to the boom in the U.S. oil production. The OPEC (Organisation of the Petroleum Exporting Countries) collectively faced a loss of $467 billions. This was certainly a wake-up call for these nations towards the risks of being a single-product economy- no matter how much in demand or crucial the product is to the world. While oil and natural gas are still irreplaceable as the primary
Why other continent entrepreneurs are investing in Gulf countries?
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