This chapter analyzes the Middle Eastern North African economies' growth prospects and investigates the role of entrepreneurial activities in achieving sustainable economic growth and social development. It explores the existing macroeconomic, political and social characteristics of the region and brings the different literatures together to understand the policy implications of theory and practices. The chapter shows that entrepreneurial activities can cure a lot of problem in the region as long as supported by the central authorities, and the region has a strong potential to be used by the entrepreneurs.
Gulf Cooperation Council countries have been offering opportunities to attract global investors for a while. Yet, the strong tension between the existing government structures and the democratic elements that are needed for investments to flourish creates a complicated economic environment. Besides, the external dynamics sourced from international relations in the region add a new dimension to the problem. For many economies of the same characteristics, governmental supports for entrepreneurial activities rise as a natural solution for many problems. Is it the case for the Gulf States, too? This study, first, draws a framework in order to explore the extent of the new entrepreneur-led growth policies in the region and relates the possible policies to the existing economic problems. Then, three markets, the Kuwaiti labor market which is a good representative of other Gulf States' labor markets, renewable energy markets and biotechnology markets which have increasing roles in new industrial policies, are studied to examine the challenges and the opportunities created by these government policies. The study reveals numerous opportunities offered to entrepreneurs and investors, however further requirements to improve the conditions necessary for entrepreneur-led growth are advised as policy purposes.
This chapter analyzes the Middle Eastern North African economies' growth prospects and investigates the role of entrepreneurial activities in achieving sustainable economic growth and social development. It explores the existing macroeconomic, political and social characteristics of the region and brings the different literatures together to understand the policy implications of theory and practices. The chapter shows that entrepreneurial activities can cure a lot of problem in the region as long as supported by the central authorities, and the region has a strong potential to be used by the entrepreneurs.
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