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Economic diversity is the process of transitioning an economy far from reliance on a single sector or source of 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 focused on financial diversification and sustainable development.
A strong driver behind financial diversity and green transition strategies in the GCC is the well-documented effect of climate modification in the area being experienced now and in the future. The World Bank estimates that approximately 100 million individuals in the Middle East, consisting of the GCC, will suffer from water tension by 2025, with parts of the area expected to end up being uninhabitable by the end of the century due to water shortage and high temperatures.
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