GCC textile industry: dialectics of development and new export opportunities

The relevance of the article is determined by the need for resource-surplus countries to diversify the structure of the economy, while other traditional activities can serve as a support. The article analyzes the features and prospects of the development of the textile industry of the countries of the Cooperation Council of Arab States (GCC) in the conditions of global instability and high volatility of the world energy market. The purpose of this article is to analyze the textile industry of the GCC countries in the XXI century, its role and features of development as one of the directions of diversification of the national economic system. The author proves that one of the directions of diversification of the national economy of the GCC countries can be light industry, which has already been developed in the region, in particular, the production of textile products. The textile industry occupies an important place in the UAE economy as a whole because of its contribution to industrial production, job creation and foreign exchange earnings. The article identifies the factors contributing to the development of the industry in the GCC countries. The author substantiates the point of view that this segment of the national economy of the countries of the region has significant potential and is becoming increasingly important not only in terms of meeting the growing demand in the region, but also beyond. Accordingly, the role of the industry as a source of export earnings is growing, although this role is significantly differentiated by country. At the same time, a number of problems remain in the textile industry of the GCC countries, among which the growth of competition in the global textile market stands out. For the analysis, we used comparative, deductive, statistical and visualization methods.