Members of the Gulf Cooperation Council (GCC) need to allocate more funds to oil and gas training programmes, according to the Emirates Industrial Bank (EIB).

In its latest monthly bulletin, the financial institution said that investment in the sciences would be crucial to addressing the current domestic skills shortfall in the oil and gas industry.

The regional energy industry currently relies on outsourced labour to maintain operational efficiency and safety, leaving many local workers throughout the Gulf region struggling to find employment in the sector.

In its report, cited by Emirates 24/7 News, the EIB noted that throughout the GCC, research and expenditure constitutes a "tiny portion" of total gross domestic product.

"This means that the region's economic development with all its elements depend almost entirely on imported technology," the group said.

In a report last year, the EIB warned that the regional energy industry will need to contend with subdued fuel demand across the globe as well as reducing its environmental impact.

Oil and Gas Directory: Training and Development