Abstract EN:

The second oil crisis constitued a new era in the financial evolution of the Arab Gulf countries. The large reserves in this region creates a substantial comparative advantage in the hydrocarbon sector. The revenues derived after this crisis enabled these states to industrialize rapidly and develop their economic infrastructure, the massive public spending however did not succeed in generating a healthy private sector. In fact the crash of the Souk-al-Manakh in Kuwait in 1982 severly damaged private entreprise in the Gulf countries. In the same year, several other important events occured such as the fall of oil prices in the spot market, the first iranian victory in the Gulf war, the resurgence of the islamic world and the deregulation of the international financiel markets. The accumulated effect of these events has resulted in a serious challenge to the arab financial institution in the Gulf region as well as around the world. The islamic financial institutions are trying to find their place amond the other financial intermediaries in the Gulf. The importance of the oil revenues to the Gulf states and the dramatic fall of oil prices since 1986 have motiveted me to begin this study of the future prospects of petrolum in the Gulf region.