By - Paul Stevens*

The collapse in oil prices since 2014 has presented serious economic challenges for the countries of the Gulf Cooperation Council (GCC), underscoring the need to diversify their economies away from oil and, above all, develop their private sectors. Brent fell from $111.80/B in June 2014 to just $30.70/B in January 2016.

The GCC states have in response been devising wide-ranging economic reform plans. In many cases, central to these plans are options to privatize...