Norconsult Telematics

Jobs, News and Information for Jobseekers in the Gulf

Upload Your CV

10 Reasons Why the GCC Will Be the Most Lucrative Market in 10 Years

As the global economy stretches and alters, many are focusing on the GCC region as the land of opportunities and advancement.  The next ten years will only see the GCC’s growing position of importance strengthen.

1) Oil Control and Reserves

Reserves within the GCC will continue to dominate over the next decade and the world’s dependency on oil is likely to remain high.

2) Less Crude, More Petrochemicals

As the GCC region concentrates on refining their crude and creating more petrochemicals for export, the manufacturing sector grows and thrives.  These refinement processes will produce more job opportunities in the Gulf in a variety of sectors.

3) Global Economic Focus Shifting East

With the tensions and economic turmoil of the US and Europe, more investors are turning to the East.  Emerging markets are creeping towards centre stage and the health and wealth of the GCC is rising.

4) Surplus and Spending Continue

Kuwait’s recent report that the nation’s six month revenues had surpassed the annual forecasts is becoming more common in the GCC as surpluses accumulate from year to year.  These circumstances provide the funds for expansive spending and infrastructure which creates short and long term job opportunities.

5) Economic Union

The six member nations of the GCC are headed towards deeper economic union, a condition that will strengthen the region even more in the eyes of the world.  One currency, integrated central banks and streamlined regulations are all benefits of this union.

6) World Standards and Training Highly Valued

With the increasing commercial construction and industrial projects set to begin in the next ten years, the demand for professionals trained in global standards is high.  This demand applies to engineers, technologists, accountants, healthcare and those in a variety of other sectors.

7) Geographical Proximity

As China grows in purchasing power, the geographical proximity of the GCC to the Asian trading markets becomes even more valuable.  Diplomatic and trade agreements of the past with both China and India will benefit the GCC nations.

8) Diversification

Although the oil and energy industry will remain strong and robust over the next decade, continued diversification within the GCC states will create more opportunities and help the region to continue the economic growth of the next ten years.

9) Currency Pegged to a Flexible Option

Experts say it is likely that by 2020 the GCC currencies (or currency) will be pegged to a trade-weighted basket instead of the US dollar.  This option will provide more flexibility for the economy as a whole.

10) Youthful Population

In sharp contrast to many Western nations, the population in the GCC region is and will continue to be heavily weighted with young people.  This provides strength and makes the area an attractive location for both investors and the consumer market.