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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 several sectors and markets. This kind of economic 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 improvement.
The GCC area is going through a transformative stage concentrated on economic diversity and sustainable advancement. Historically reliant on oil and gas, GCC economies are now striving to diversify their earnings 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 economic diversity and green transition plans in the GCC is the well-documented impact of environment change in the area being experienced now and in the future. The World Bank estimates that up to 100 million individuals in the Middle East, including the GCC, will struggle with water tension by 2025, with portions of the region expected to end up being uninhabitable by the end of the century due to water scarcity and high temperature levels.
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