With a large number of natural reserves present in the Arab world, there are multiple challenges that place the success of this region in a difficult position. In this scenario, some of the factors should be kept in mind that makes position contribution to the success of Arab world. The regions like UAE have high potential of success just right direction, and policies are needed to sustain the growth. Following are some of the factors which help in the prosperity of Arab world.
Globalisation has turned this world into a global village. Now the products from worldwide are present in the single place with little effort. Especially in UAE, where people from all over the world come every year, the aspect of globalisation plays a significant role. The Arab world can achieve a lot of success by utilising this opportunity in a meaningful manner. A maximum number of large brands has made their way in Arab world market due to the high potential of success.
The economic conditions of this region are highly favourable for businesses. The tax-free regions and the presence of natural reserves make it possible to have a successful system. Most of the large businesses are moving here to gain success because of the high possibility of success.
The area is rich in natural reserves. It is the key strength of this region. The reserves of oil and gas attract more people to conduct business here. Arab countries are placed on top of the list of the countries having fossil fuel reserves. There is a need to develop other renewable energy resources to protect this natural reserve. Only then this asset can be utilised properly over the longer run.
Financial institutions play a significant role in determining the full potential of an economy. They serve as a mediating platform between the savers and people who want to invest. The whole trade and investment sector work on this mechanism. The macroeconomic and other factors are controlled by policy building of financial institutions. The credit services can enhance the economic conditions by attracting more investors.
The main challenge faced by Arab world is security. There is a need to develop a fair system of security to protect the national interest. All the security forces need to have integration among them. Terrorism is the main factor which becomes an obstacle to the prosperity of Arab world. A proper set of procedures needs to be developed to overcome this crisis. These risk factors should be reduced to strengthen the security system.
These were some of the factors which have a positive contribution towards the prosperity of Arab world. The regional conflicts are resolved by working on these factors. Overall economic reform is ensured by maintaining a balance of these aspects. The environment is favourable just some steps should be taken to make it advantageous for all over the longer run. The aspects of poverty, illiteracy, and unemployment should be removed to achieve this goal.