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26( 4 ), pages 543-566, April. Maximilian Benner, 2019. "," Economies, MDPI, vol. 7( 2 ), pages 1-22, May. All product on this website has been provided by the particular publishers and authors. You can help proper mistakes and omissions. When asking for a correction, please discuss this product's handle: RePEc: ehl: lserod:55252. See basic details about how to correct material in RePEc.
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Economic diversity is the process of transitioning an economy away from reliance on a single sector or income source to several sectors and markets. This sort of financial shift is currently underway in the Gulf Cooperation Council (GCC) area, where Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates are experiencing rapid socio-economic transformation.
The GCC area is going through a transformative phase focused on economic diversification and sustainable advancement. Historically reliant on oil and gas, GCC economies are now striving to diversify their income sources through ambitious government-led efforts like Saudi Vision 2030 and We the UAE 2031 that shift focus from high-risk, susceptible and/or high-carbon markets and sectors to economies.
A strong driver behind financial diversity and green transition strategies in the GCC is the well-documented effect of environment change in the region being experienced now and in the future. The World Bank approximates that as much as 100 million individuals in the Middle East, consisting of the GCC, will suffer from water tension by 2025, with parts of the region expected to become uninhabitable by the end of the century due to water deficiency and heats.
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