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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 dependence on a single sector or income to several sectors and markets. This kind 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 change.
The GCC region is going through a transformative phase focused on financial diversity and sustainable advancement. Historically reliant on oil and gas, GCC economies are now aiming to diversify their revenue sources through enthusiastic 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 driver behind financial diversification and green transition strategies in the GCC is the well-documented impact of environment change in the area being experienced now and in the future. The World Bank approximates that approximately 100 million people in the Middle East, consisting of the GCC, will struggle with water stress by 2025, with portions of the region expected to become uninhabitable by the end of the century due to water scarcity and heats.
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