Since the period of high oil prices beginning in 2000, huge amounts of oil dollars have flowed into the Middle East. With the revival of the Middle East's economy based on increasing monetary flows, the region has aroused the world's interest. This study begins with a comprehensive analysis on the economic trends of the gulf region where oil producing countries are clustered and suggests ways for Korea to strengthen cooperation and relationships with countries in this region. This study specifically addresses the amount and flow of oil dollars in the gulf region, recent economic policies of gulf countries, strategies the world's major countries have adopted toward the Middle East, and our suggestions toward cooperation policies regarding the Middle East. (The rest is omitted.)