Tom Harley, Joint Managing Director of Dragoman Global, discusses the implications of low oil prices for the Arabian Peninsula. The ‘new normal’ of low oil prices is driving wide reforms throughout the six states of the Gulf Co-operation Council (GCC). Saudi Arabia, Oman, Banhrain and UASE are reducing subsidies on fuel, electricity and waster. All six states, even the relatively better-off Kuwait and Watar, are planning to introduce new taxes by 2018. Mr Harley discusses how the new generation of rulers in the Gulf will rise to the challenge, at a time of other regional tensions, and how they will plan for a post-oil future.

Tom Harley is Joint Managing Director of Dragoman Global – a specialist advisory firm. He is a political scientist with a background in economics and finance. Mr Harley was appointed non-executive Chairman of Dow Chemical (Australia) in 2008 and Senior Advisor to The Dow Chemical Company’s Executive Leadership Team. As President of BHPB’s Corporate Development he designed and implemented worldwide political risk analysis methodology and developed risk strategies for many African and Asian countries. He has also served as Head of Mergers and Acquisitions for BHBP’s Petroleum Group, a member of the Advisory Board of the Centre for Arab and Islamic Studies at the Australian National University, Chairman of the Menzies Research Centre, and Chairman of the Australia Saudi Business Council.