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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 procedure of transitioning an economy away from reliance on a single sector or source of earnings to numerous sectors and markets. This sort of financial shift is presently underway in the Gulf Cooperation Council (GCC) region, where Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates are experiencing rapid socio-economic transformation.
The GCC area is undergoing a transformative phase focused on financial diversification and sustainable development. Historically reliant on oil and gas, GCC economies are now aiming to diversify their profits sources through enthusiastic government-led efforts like Saudi Vision 2030 and We the UAE 2031 that shift focus from high-risk, vulnerable and/or high-carbon markets and sectors to economies.
A strong motorist behind financial diversification and green shift plans in the GCC is the well-documented effect of environment change in the area being experienced now and in the future. The World Bank estimates that approximately 100 million people in the Middle East, consisting of the GCC, will struggle with water tension by 2025, with portions of the area anticipated to end up being uninhabitable by the end of the century due to water shortage and heats.
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