(This paper was presented on 5 June 2016 at Taj Gateway Hotel among members of Celebrities Of Goodness(COG), a social club at Kochi, India where a bunch of selective businessmen and professionals meet on a regular basis)
Arabian Gulf States -Saudi Arabia,Qatar,Kuwait,Bahrain,Oman and UAE- have enjoyed windfall wealth due to high oil prices during the three decades prior to unexpected but drastic fall in oil prices commencing mid 2014.They could successfully spend handsome monies on infrastructure projects,education and health...Salaries in Govt services and public sectors went up many folds during this period. Lavishly they spent on social welfare and subsidies for the people.During this spell the rate of progress all the Gulf States could achieve on development activities can be put in one word- astounding!In hindsight when I look back on my career in Qatar, it could be a strange but lucky coincidence that I was there all these three decades.Not just as a witness but as a humble participant in building the nation!!
Mostly these countries looked west and Japan for sharing the technology and branded products which they could afford all these years.Right from engineering projects and products to those of FMCG ,the GCC nationals loved produces of US, Europe and Japan.In turn it was a windfall of revenue for the west as well all these years.The sudden fall in revenue may make these gulf states look for alternate less expensive sources but to keep the same standards which are already set.
This is the situation where Indians and Indian products are going to be there even more than what it is so far. Market share of Indians' can zoom in those countries if India play the cards well understanding the emerging situation. China or for this matter any other country cannot match the potential of India. I have my views based on my exposures in Qatar , other Gulf states and India....