Background of GCC , Egypt and Malaysia Essay Example | Topics and Well Written Essays - 3000 words

Background of GCC , Egypt and Malaysia - Essay Example The findings inferred will be discussed in the concluding sections of the project. Gulf Cooperation Council regions have huge reserves for oil and natural gas and most the countries in the world countries are depended on it for its daily supply of energy. The GCC region includes six countries from the Middle East. These countries are United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain. These six countries came together in 1981 to form the ‘Gulf Cooperation Council’ in order to cooperate, coordinate and integrate various policies, politics and economic affairs (Laabas & Limam, 2002). The GCC agreement has helped these countries to avoid foreign intervention regarding oil and gas procurement.HH The oil and gas reserves present in these countries are its most vital resource and the key to its prosperity. Around â€Å"40% of the world’s proven oil and 23.6% of the world’s proven gas reserves† are held by GCC countries (Reiche, 2010). The population growth rates in these countries are indebted to the high economic deve lopment and increasing employment opportunities. Nearly, 39 million people are living in these countries which accounts for 0.06% of the total world population (Reiche, 2010). Table 1 depicts the economic and socio-demographic indicators of GCC countries projecting the expected population growth in 2015. Gulf Cooperation Council regions are rich in oil and natural gas reserves and their economic development is solely depended on it. Rising demand and price of oil and gas during 2002 to 2008 have further boosted the economic growth in GCC countries. Oil export contributes the major chunk of revenue in their overall GDP. Recently, their oil export has increased significantly and has reached to 67% as compared to 61% in 2002. However, this growth was not uniform in all the countries, with Qatar and Oman experiencing the downward slash. Table 2 depicts the government revenues, oil exports and