Conveniently placed between east and west, the Gulf's geographic location has been a major factor in these industry-reshaping developments.

CNN: Gulf hubs become travel hotspots

The performance of these sectors can be a factor of the stage of the business cycle, the calendar or their geographic location.

FORBES: How To Use ETFs For Sector Rotation Strategies

The first stage in the cycle is that of factor-driven economies which focus on low-cost basic factor conditions, such as low-skilled labour, natural resources and geographic location.

BBC: Business