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Comparison of Business Environments in Oil-Rich MENA Countries: A Clustering Analysis of Economic Diversification and Performance

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  • Şule L. Aker
  • Iman Aghaei

Abstract

The purpose of present research is to cluster 11 oil-richest MENA countries; Algeria, Egypt, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Sudan, and the United Arab Emirates regarding economic diversification and performance during 2010–2016 using K-means algorithm which is a versatile data mining technique. The major finding is that higher export diversity in addition to better economic performance can influence competitiveness of business environment of the countries positively and vice versa. The studied nations are partitioned into four clusters. Qatar and UAE with highest economic diversity and performance have the most favorable business environments in the region.

Suggested Citation

  • Şule L. Aker & Iman Aghaei, 2019. "Comparison of Business Environments in Oil-Rich MENA Countries: A Clustering Analysis of Economic Diversification and Performance," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 55(12), pages 2871-2885, September.
    • Handle: RePEc:mes:emfitr:v:55:y:2019:i:12:p:2871-2885
    DOI: 10.1080/1540496X.2018.1537185
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    Cited by:

    1. Abdulrahman M. Jolo & Ibrahim Ari & Muammer Koç, 2022. "Driving Factors of Economic Diversification in Resource-Rich Countries via Panel Data Evidence," Sustainability, MDPI, vol. 14(5), pages 1-14, February.

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