- The Bahrain Financial Harbour. Currently, Bahrain and Oman require development projects that contribute to raising standards of living.
- Image Credit: Reuters
The Gulf Development Programme, which was announced during the GCC foreign ministerial meeting last week, closely resembles the European Marshall Plan that was launched after the Second World War to revitalise the European economy, which had been destroyed by the war. The Marshall Plan effectively contributed to once again restoring prosperity in Europe.
However, this resemblance depends on whether this programme will be further improved and changed into a development fund that will contribute to developing Gulf countries' productivity. This will in turn help diversify sources of income, provide more work opportunities, and help towards increasing the GCC's economic integration.
Although the project's capital, administrative structure or the future functions have not yet been announced, allocating $20 billion (Dh73.4 billion) as a contribution for the development of Bahrain and Oman's economy for the coming ten years represents a good start for this project's operations.
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