| Abstract: | This study aims to explore how state–business relations in the Gulf Cooperation Council (GCC) have been developing following the fall in oil prices in 2014 and the subsequent increased pressure to implement economic reforms. The main argument is that due to a combination of factors, the positions of the established business community vis‐à‐vis the ruling powers in those countries have become weaker. The factors are: 1) economic pressure and necessity to reform since the 2014 decline in oil prices; 2) the generational shift and subsequent centralizing tendencies in the ruling circles in some of the states; and 3) increased geopolitical rivalry and antagonism between the GCC members, including intensified competition for foreign investment and external political support. Meanwhile the governments have acquired more control over commercial activities that used to be the realm of the business elite. Although these changes are happening to a varying extent and at a different pace in each GCC country, the trend is recognizable in all six. |
