Singapore’s Venture into the Gulf: Undiscovered Treasure or Empty Pot?

Abstract

Singapore: a country synonymous with business efficiency, strict laws and a reputation that belies its miniscule size. Its state-enterprise network and attempts at grafting “Singapore-styled†investment enclaves onto foreign locales often receive attention from the international community. These stateengineered projects are premised on the exportability of Singapore’s state credibility, systemic and operational efficiencies as well as the technological competencies of Singapore companies, to locations where these attributes are less distinct. This paper, as part of our series on this topic, revisits the city-state’s determined efforts to encapsulate economic space for Singapore-based firms, enabling them to expand beyond the region. This paper however, focuses specifically on the gambits of Singapore’s government-linked companies (GLCs) in the Gulf region (GCC countries). Our research shows with purely commercial purposes as the priority, political objectives (and the attendant advantages and complications) tend to take a back seat; that, following from this, the ostensible strategic advantages present in Singapore-styled management and methodology remain uncertain; and that socio-political intricacies in new environments often stymie efforts to import competencies and business practices wholesale.