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26( 4 ), pages 543-566, April. Maximilian Benner, 2019. "," Economies, MDPI, vol. 7( 2 ), pages 1-22, May. All material on this website has actually been provided by the respective publishers and authors. You can assist right errors and omissions. When requesting a correction, please discuss this product's handle: RePEc: ehl: lserod:55252. See general details about how to fix material in RePEc.
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Economic diversification is the procedure of transitioning an economy far from reliance on a single sector or income to numerous sectors and markets. This sort of financial 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 change.
The GCC area is undergoing a transformative phase concentrated on financial diversification and sustainable advancement. Historically reliant on oil and gas, GCC economies are now aiming to diversify their profits sources through ambitious 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 motorist behind financial diversity and green shift strategies in the GCC is the well-documented impact of climate change in the region being experienced now and in the future. The World Bank approximates that up to 100 million individuals in the Middle East, consisting of the GCC, will suffer from water tension 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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