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"," Urban Research, Urban Research Journal Limited, vol. 42( 8 ), pages 1369-1390, July. Nir Kshetri, 2023. "," Financial Innovation, Springer; Southwestern University of Financing and Economics, vol. 9( 1 ), pages 1-38, December. Corneo Giacomo, 2011. "," Evaluation of Middle East Economics and Financing, De Gruyter, vol. 7( 1 ), pages 1-19, May. M Douglass, 1994.
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Economic diversification is the procedure of transitioning an economy far from dependence on a single sector or income source 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 rapid socio-economic improvement.
The GCC region is going through a transformative phase focused on financial diversification and sustainable advancement. Historically reliant on oil and gas, GCC economies are now making every effort to diversify their earnings sources through enthusiastic government-led efforts like Saudi Vision 2030 and We the UAE 2031 that shift focus from high-risk, vulnerable and/or high-carbon markets and sectors to economies.
A strong chauffeur behind economic diversity and green shift strategies in the GCC is the well-documented effect of environment modification in the region being experienced now and in the future. The World Bank approximates that as much as 100 million people in the Middle East, including the GCC, will struggle with 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 heats.
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