Foreword
The Gulf Cooperation Council (GCC) economies are deeply dependent on the oil sector despite their efforts to diversify. The oil industry remains as their main source of fiscal revenues. A prolonged oil price slump will inevitably affect their economies. In this context, GCC governments have been eager to develop long-term sustainable economies diversified away from oil. This is done by developing a strong small and medium-sized enterprise (SME) sector. They have realized supporting the SME sector is less capital intensive, is quicker to execute, and generates added value faster.
The national economy of a country is, in fact, based on small and medium industries. These are the fundamentals, the foundations of all national economies. There ...
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