GCC is a regional organization of six countries—Saudi Arabia, the United Arab Emirates (UAE), Qatar, Kuwait, Oman, and Bahrain—set up in 1981. The alliance was formed to enhance its members’ integration, coordination, and interconnection. Despite a few difficult years (due to the COVID-19 crisis, the Russia–Ukraine war, and the economic downturn), economic diversification efforts encouraged and bolstered industrial innovation in GCC countries in 2021. Most governments have successfully managed to capitalize on the vital aspects of their fiscal reform agendas. Saudi Arabia and Bahrain have reiterated their commitments to their fiscal balance programs, which aim to balance their budgets, albeit on dates past the originally planned dates due to changed economic conditions
GCC is a regional organization of six countries—Saudi Arabia, the United Arab Emirates (UAE), Qatar, Kuwait, Oman, and Bahrain—set up in 1981. The alliance was formed to enhance its members’ integration, coordination, and interconnection. Despite a few difficult years (due to the COVID-19 crisis, the Russia–Ukraine war, and the economic downturn), economic diversification efforts encouraged and bolstered industrial innovation in GCC countries in 2021. Most governments have successfully managed to capitalize on the vital aspects of their fiscal reform agendas. Saudi Arabia and Bahrain have reiterated their commitments to their fiscal balance programs, which aim to balance their budgets, albeit on dates past the originally planned dates due to changed economic conditions
