KUWAIT, June 6 (KUNA) -- Gulf Cooperation Council (GCC) countries are qualified to become knowledge-based economies, GCC investors said Tuesday.
In a seminar held by Global Intellectual Plus (GIP), an international company specializes in knowledge management holding based in Bahrain, a company executive said these projects are widely needed in the region, as there is a great market for them because of changing laws to comply with World Trade Organization and protect intellectual property which guarantees the rights of people working in the field.
The director of Middle East investments at the company Jawad bin Sabt said the advanced infrastructure in most GCC countries, especially in telecommunications, is a great support to knowledge-based projects. He added the bank transactions in the region remain swift and relatively simple, despite procedures applied since September 11.
The tax-free nature of the GCC economies is also a great advantage as its bottom-line will be relatively high compared to other countries where fees and taxes take a chunk out of profits.
Head of the strategic studies and international affairs at GIP Hamza Qarouni said knowledge has in fact become a great investment. Microsoft, who makes billions of dollars every year, does not sell products, but knowledge. He added in another example, eBay, an eleven year old company, makes around five billion dollars annually. Its stock has increased from three dollars to 70 since its inception.
