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, chapter 1, pages 1-29, Palgrave Macmillan. 2012/271, International Monetary Fund., MIT Press, vol.
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Economic diversity is the process of transitioning an economy away from reliance on a single sector or source of income 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 fast socio-economic transformation.
The GCC area is undergoing a transformative phase focused on financial diversification and sustainable advancement. Historically reliant on oil and gas, GCC economies are now striving to diversify their profits sources through ambitious government-led initiatives 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 chauffeur behind economic diversification and green shift 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 approximately 100 million individuals in the Middle East, consisting of the GCC, will struggle with water tension by 2025, with parts of the region anticipated to end up being uninhabitable by the end of the century due to water scarcity and heats.
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