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Economic diversification is the process of transitioning an economy away from reliance on a single sector or income to several sectors and markets. This type of economic shift is presently 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 improvement.

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The GCC region is going through a transformative stage focused on financial diversity and sustainable development.

Will Gulf Industrial Growth Outpace Western Benchmarks?

A strong driver behind financial diversity and green shift plans in the GCC is the well-documented impact of environment change in the area being experienced now and in the future. The World Bank approximates that up to 100 million individuals in the Middle East, consisting of the GCC, will experience water tension by 2025, with portions of the region anticipated to end up being uninhabitable by the end of the century due to water scarcity and high temperatures.