Title: Arab states of the Persian Gulf - Wikipedia
Headings: Arab states of the Persian Gulf
Arab states of the Persian Gulf
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Economy
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Content: Economy
Map of the Gulf Cooperation Council 's members (Iraq is not a member). All of these Arab states have significant revenues from petroleum. The United Arab Emirates has been successfully diversifying the economy. 79% of UAE's total GDP comes from non-oil sectors. Oil accounts for only 2% of Dubai's GDP. Bahrain has the Persian Gulf's first "post-oil" economy because the Bahraini economy does not rely on oil. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many large financial structures. The UAE and Bahrain have a high Human Development Index (ranking 31 and 42 worldwide respectively in 2019) and was recognised by the World Bank as high income economies . In addition, the small coastal states (especially Bahrain and Kuwait) were successful centers of trade and commerce prior to oil.