Oman, Bahrain, Qatar, Kuwait
The Gulf States Kuwait, Oman, Bahrain, Qatar are wealthy, safe, well managed and good organized. In 195o-s, the Gulf countries had a small population, most of whom were barefoot nomads and fishermen and none of them could have a dream of glittering skyscrapers in the sand. It took them forty years, but already in 2008, Qatar surpassed Luxembourg and became the world's richest in per capita income terms. An average Qatar citizen income was $80,870 compared to $78395 we speak of Luxembourg, the richest EU country. For example German PPP was $34,212. Gulf countries generated incredible wealth from their oil and gas exports. The Reserve Fund for Future Generations managed by the Kuwait Investment Authority manages assets valued at over $170 billion. This represents twice the GDP of Kuwait. The Qatar Investment Authority’s assets stand at over $60 billion or 141% of Qatar’s GDP. In the coming years USD 1.5 trillion of the world’s HNWI wealth to come from the Middle East
Some key facts:
Oman GDP is US$27.3 billion with main exports Petroleum, LNG, fish, metals and textiles. Natural gas is responsible for 80% of Oman’s revenue while agriculture accounts for most of the rest. Oman has also such commodities as copper, chromite, marble, gypsum and limestone, manganese ore and coal.
Kuwait GDP is US$68.4 billion with main exports goods , oil , refined products and fertiliser. Kuwait’s considerable wealth is the result of the country’s massive oil deposits, estimated at 100 billion barrels (9% of the world’s total known reserves). With production of over 2 million barrels daily, oil now accounts for about 50% of total output, 90% of export income and 75% of government revenue. It took Kuwait some time to recover from the extensive destroying conducted by Iraqi troops during the occupation of 1990-1. The reconstruction cost Kuwait US$170 billion, and the extent of the reconstruction was reflected in the fact that Kuwait was obliged to liquidate a large proportion of its overseas investment portfolio.
Qatar has a GDP of US$68.9 billion provided by Oil and gas exports. Oil, and in particular gas reserves, have transformed Qatar from poor piece of desert on the Gulf into one of the richest countries in the world. It is the largest exporter of LNG (liquefied natural gas) in the world.
Bahrain has a GDP of US$19.68 billion and exports petroleum and petroleum products as well as aluminium and textiles. Oil dominates Bahrain's economy and, together with gas and petrochemicals, accounts for the bulk of exports and government revenue. Government recognised the need to diversify the economy and took early measures to build the financial sector and encourage international investment in massive projects such as the Bahrain Financial Harbour in Manama.