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Economic diversity is the procedure of transitioning an economy away from reliance on a single sector or source of earnings to numerous sectors and markets. This kind 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 rapid socio-economic improvement.
The GCC area is going through a transformative phase focused on financial diversification and sustainable advancement.
A strong motorist behind economic diversification and green transition strategies in the GCC is the well-documented impact of climate change in the area being experienced now and in the future. The World Bank approximates that as much as 100 million individuals in the Middle East, consisting of 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 deficiency and high temperature levels.
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