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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 procedure of transitioning an economy away from dependence on a single sector or source of earnings to several sectors and markets. This kind of financial shift is currently underway in the Gulf Cooperation Council (GCC) region, where Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates are experiencing quick socio-economic transformation.
The GCC area is going through a transformative phase focused on financial diversity and sustainable development.
A strong driver behind economic diversification and green transition plans in the GCC is the well-documented impact of climate modification in the region being experienced now and in the future. The World Bank estimates that approximately 100 million people in the Middle East, including the GCC, will struggle with water stress by 2025, with portions of the area expected to end up being uninhabitable by the end of the century due to water shortage and heats.
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