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Economic diversification is the process of transitioning an economy far from reliance on a single sector or income to multiple sectors and markets. This type of economic shift is currently 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 transformation.
The GCC area is going through a transformative stage focused on financial diversity and sustainable advancement.
A strong chauffeur behind financial diversification and green transition plans in the GCC is the well-documented impact of climate modification in the area being experienced now and in the future. The World Bank approximates that approximately 100 million individuals in the Middle East, including the GCC, will struggle with water stress by 2025, with parts of the area expected to become uninhabitable by the end of the century due to water shortage and heats.
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