Research Article

MENA Energy Trends, Global Energy Warming, and COVID-19 Crisis:  An Investigation Analysis from Oil, Gas, Regional Economy, and Labor Productivity

Table 3

Recent MENA hydrocarbon countries economic diversification policies.

Bahrain–recent economic perspectives launched in 2010 and released to 2030
(i) Increasing productivity by improving skills and projects
(ii) Redefining new economy by prioritizing existing high potential sectors
(iii) Long term transformation of economy with new opportunities for investments

Algeria–new economic growth model launched in 2016 and released in 2019
(i) Improve up to 9% the nonhydrocarbon exportations

Iran-6th national development plan launched in 2016 and released in 2017
(i) Improve up to 8% the national economic growth rate
(ii) Lower share of oil revenues in the budget to 22%
(iii) Increase power generation capacity by 25 GW
(iv) Increase by 15% lower energy intensity policy
(v) Lower unemployment to 8.9% and inflation rate to 7%

Iraq–private sector development strategy launched in 2014, released in 2017
(i) Increase the private sector up to a share of 60% of GDP by 2030
(ii) Perform country’s business and infrastructure for small and medium enterprises
(iii) Set large policies to bring national unemployment rate below 4% by 2030

Kuwait–new development plan launched in 2017
(i) Development of diversified economy program to minimize dependence on oil export
(ii) Increase by 3,500 the number of small and medium enterprises
(iii) Increase national investment by 11%

Oman–new development plan launched in 2016 for next 29 years
(i) New program to increase GDP from revenues of other sectors without oil exportation from 2020
(ii) Create more than 15 million jobs by 2020

Qatar–new plan for national economy growth launched in 2008 and released in 2014
(i) Create business environment in purpose to increase national and foreign investments
(ii) Creating new policies to improve hydrocarbon resources management
(iii) Diversify industries and services to avoid net dependence on hydrocarbon industries

Saudi Arabia–new vision launched in 2016 and released to reach 2030
(i) Increase investment in private sector to reach 40% to 65% GDP value by 2030
(ii) Increase small and medium enterprises revenues to GDP from 20% to 35% by 2030
(iii) Increase FDI revenues from 3.8% to reach 5.7% of GDP by 2030
(iv) Increase contribution of nonoil exports services in GDP from 16% to 50% by 2030

United Arab Emirates–national economic vision launched in 2018 to reach 2030
(i) Increase GDP revenues from all sectors excepting oil exports
(ii) Enlarge enterprise base
(iii) Increase formation skills of youth to enter the workforce
(iv) Diversify fiscal revenue sources