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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 far from dependence on a single sector or income to several sectors and markets. This type 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 rapid socio-economic improvement.
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 making every effort 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 chauffeur behind financial diversification and green shift plans in the GCC is the well-documented effect of climate modification in the region being experienced now and in the future. The World Bank approximates that up to 100 million people in the Middle East, including the GCC, will suffer from water tension by 2025, with portions of the area anticipated to end up being uninhabitable by the end of the century due to water scarcity and heats.
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