Analysis of the Impact of the Cultural and Institutional Characteristics of the Gulf Cooperation Council States on Entrepreneurship: Opportunities and Challenges

Abstract

The Gulf Cooperation Council (GCC) states (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) have achieved dramatic developmental and economic growth since the discovery of oil in the 1950s. They have been exceedingly successful in transforming their economies from ones that, prior to the discovery of oil and gas, relied merely on fishing and pearling to ones that are state-led, modern and service-driven. The governments of the GCC states are displacing the rentier state model as the general developmental trajectory and gradually shifting toward market liberalism, economic openness, a pro-business environment and an embracement of globalization. All of this has been ac..