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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 far from dependence on a single sector or income source to numerous sectors and markets. This type of economic 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 region is undergoing a transformative phase concentrated on economic diversification and sustainable advancement. Historically reliant on oil and gas, GCC economies are now making every effort to diversify their income 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 motorist behind financial diversity and green shift strategies in the GCC is the well-documented impact of environment modification in the region being experienced now and in the future. The World Bank estimates that as much as 100 million people in the Middle East, consisting of the GCC, will struggle with water tension by 2025, with portions of the area expected to become uninhabitable by the end of the century due to water scarcity and heats.
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