For decades the Arab Gulf states and members of the Gulf Cooperation Council (GCC) — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) — have seen their economic fortunes rise and fall with the demand for their chief export, oil. To shield themselves from the volatility of global oil markets, these states have sought to diversify their economies by investing in a host of non-oil industries, especially services, commerce, and manufacturing.
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