Benefits of Scaling Industrial Projects across the GCC thumbnail

Benefits of Scaling Industrial Projects across the GCC

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, chapter 1, pages 1-29, Palgrave Macmillan. 2012/271, International Monetary Fund., MIT Press, vol.

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Can Gulf Non-Oil Success Outpace Western Benchmarks?

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Economic diversification is the process of transitioning an economy away from dependence on a single sector or source of earnings to numerous sectors and markets. This sort of financial shift is currently 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 area is going through a transformative stage focused on economic diversification and sustainable development.

Can GCC Non-Oil Success Outpace Western Benchmarks?

A strong motorist behind economic diversity and green shift strategies in the GCC is the well-documented effect of environment change in the region being experienced now and in the future. The World Bank approximates that up to 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 deficiency and heats.