In 2008, the member states of the Gulf Cooperation Council (GCC; www.gccsg.org) invested a total of USD 82 bn in the chemical and plastics manufacturing industry, according to data published in the 2008 annual report of the Gulf Organization for Industrial Consulting (GOIC, Doha / Qatar; www.goic.org.qa). Overall, that figure accounts for 54.6% of the USD 150 bn these states invested in the manufacturing industry last year, illustrating just how important the petrochemical sector is to the region’s future.

Some 2,532 factories engaged in plastics and chemical manufacturing activities in Bahrain, the United Arab Emirates (UAE), Saudi Arabia, Oman, Qatar and Kuwait in 2008, the report found, employing a total of 197,071 workers.

An individual look at GCC members shows that Saudi Arabia invested nearly USD 50 bn, a little more than 54% of all state investments in 2008, into the petrochemical and plastics manufacturing sector. Although the sum is the highest of all of these countries, at 82.8% of total state investment, the USD 11 bn Qatar set aside for this sector vividly illustrates just how much the independent emirate is banking on this industry for the future.

At a little below 50% of overall state investment, Oman set aside around USD 5 bn for petrochemicals, which Kuwait still managed to top at USD 6 bn – or almost 67% of total state investment in this industry.