PRIVATIZATION IN THE GULF COOPERATION COUNCIL (GCC) COUNTRIES: THE NEED AND THE PROCESS

Fuad Abdullah Al-Omar
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Fuad Abdullah Al-Omar: Vice President (Finance), Postal: Islamic Development Bank, Jeddah, Saudi Arabia

Islamic Economic Studies, 1996, vol. 03-2, 35-55

Abstract: This paper attempts to review the importance and significance of the privatization process in GCC countries; discusses in detail the motives for privatization and the appropriate approaches towards it; and presents an action plan for such endeavor with necessary precautions. The paper focuses on four dimensions of privatization in GCC countries: the concept, the need, the prerequisites and the process. The central argument of the paper is that selection of a privatization approach depends on institutional capacity and economic and regulatory conditions. Though divestiture is the most well received approach for privatization, it should not be the dominant mechanism. Contracting-out seems a promising approach in the GCC context. However, insufficient efforts have been directed to improving public delivery systems prior to privatization.

Date: 1996
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