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, chapter 1, pages 1-29, Palgrave Macmillan. 2012/271, International Monetary Fund., MIT Press, vol.
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Economic diversification is the process of transitioning an economy far from dependence on a single sector or source of income to several sectors and markets. This sort of economic shift is presently 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 region is undergoing a transformative stage focused on financial diversity 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 motorist behind financial diversification and green shift plans in the GCC is the well-documented effect of environment modification 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 suffer from water tension by 2025, with parts of the region anticipated to end up being uninhabitable by the end of the century due to water deficiency and high temperatures.
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