The Gulf economies approach on development have become worthy of extensive studies, especially in the accelerated move towards integrating into the global economy and become an active contributor in profound transformations. More so, as these are based on new technological changes such as artificial intelligence.

It is true the GCC countries were an important part of the global economy for the last eight decades, particularly since the discovery and export of oil. They were vital in the move to provide the world with an important source of energy and which contributed to the reconstruction of countries devastated by war, especially in Europe.

In other words, they primarily were a provider of raw materials and receiving almost all of its goods and services in the establishment of advanced infrastructures. The current integration is completely different, especially for those who follow trends in the UAE and Saudi Arabia. The two are moving hand in hand to be active contributors in global construction, not only by receiving, as was the case in the past, but also by contributing to innovation and creativity in necessary infrastructure and investing in human capital and tech.

The approach is gaining a global character and paving the way for multinationals to partner in the development of modern cities and their institutions, which will be equipped with environment-friendly technology as well as clean and sustainable energy sources. The UAE-Saudi approach is thus gaining new momentum.

There are many tangible examples supporting this conclusion. In the UAE, the vision for artificial intelligence, space technology and manufacture of aircraft components, and the development of renewable energy sources is evolving. The UAE is contributing to the development of these resources in many countries, including even those in developed Western Europe.

In Saudi Arabia, in addition to its transformation as one of the most important zones for manufacturing renewable energy, such as solar panels, Neom City will be an economic capital and a role model for future cities run by sophisticated technology. It will be the first “city” to meet these specifications and will include international institutions for innovation, development of robots and programmes that will sweep the international markets.

What is important in the UAE-Saudi approach is that the contribution is not limited to local investors, but includes international capital and companies that use advanced tech, operate large market and are interested in contributing to these approaches.

This will grant the UAE-Saudi project an international character and here lies the difference that will turn these countries into contributors to global progress. This is because such approaches are not restricted to the import of technology, as was the case before, but will localise, accommodate and even develop new ones through local workforces who are being prepared.

It goes without saying there will be many challenges that need to be addressed to reach the goals, whether technical, financial or even geopolitical. There will be challenges from sectarian regimes and civil wars, but that can be overcome through new Gulf coordination and alliances, which has rearranged the balance of power in the region.

If Kuwait and Bahrain, which enjoy significant human and financial capabilities, follow the same footsteps as the UAE and Saudi Arabia, as expected, then the new Gulf approach, which definitely fits in with the Fourth Industrial Revolution, will place GCC countries in a prominent position. And give them sustainable sources of development in preparation for the post-oil era.

Dr Mohammad Al Asoomi is a UAE economic expert and specialist in economic and social development in the UAE and the GCC countries.