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, chapter 1, pages 1-29, Palgrave Macmillan. 2012/271, International Monetary Fund., MIT Press, vol.
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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 multiple sectors and markets. This kind 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 fast socio-economic transformation.
The GCC area is going through a transformative stage concentrated on financial diversity and sustainable development. Historically reliant on oil and gas, GCC economies are now striving to diversify their revenue sources through enthusiastic government-led initiatives like Saudi Vision 2030 and We the UAE 2031 that shift focus from high-risk, vulnerable and/or high-carbon markets and sectors to economies.
A strong motorist behind economic diversity and green transition plans 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 approximately 100 million individuals in the Middle East, including the GCC, will suffer from water stress by 2025, with parts of the region expected to become uninhabitable by the end of the century due to water deficiency and heats.
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