The countries still dependent on oil revenues, perhaps for a long time to come, must develop diversified economic activities and adopt human development programmes that can promote the transition to a knowledge economy, take advantage of technology shifts, and adopt joint strategic projects.
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They should cooperate with international companies in various vital areas to enable the desired economic integration to be achieved over an appropriate period of time.
Saudi Arabia is one of the countries with large economies, and it is one of the top 20 countries in terms of economic size and output.
Saudi Arabia is important in the energy sector as it exports record oil supplies to various countries in the East and West, has a production capacity of about 12mn barrels per day (bpd), and is one of the three countries in the world in terms of oil production capacity alongside Russia and the United States.
There is no doubt that the country has developed oil-based refining and petrochemical industries over the past seven decades. Saudi Arabia's economy is diversifying properly, especially since Vision 2030 and its development plans were launched.
The Kingdom has worked to build important non-oil manufacturing industries such as food industries, and the economic administration has been launching important businesses in the tourism sector and vital services.
These plans can interact with the objectives of Gulf economic integration and be coordinated with plans in the bloc's other countries to link similar activities.
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Qatar also has significant potential in gas extraction and processing, making it one of the most important gas-exporting countries, with annual production estimated at more than 6tn cubic feet – of which it exports about 4.6tn cubic feet per year.
It is known that gas has become one of the most important sources of clean and environmentally-friendly energy and can be one of the most important sources of electricity production in the other Gulf countries.
This calls for supporting the linking of infrastructure to provide the other countries with their gas needs. Gas can also be used in petrochemical industries that are being developed by various Gulf countries, including Saudi Arabia, Kuwait and the United Arab Emirates.
Qatar's wealth from gas revenues could boost investment potential in various economic sectors in other Gulf countries, including telecommunications, tourism, and manufacturing.