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Economic diversity is the process of transitioning an economy away from reliance on a single sector or income source to numerous sectors and markets. This kind of financial shift is presently 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 change.
The GCC region is going through a transformative phase focused on financial diversification and sustainable development.
A strong driver behind financial diversification and green transition strategies in the GCC is the well-documented impact of environment modification 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 suffer from water stress by 2025, with parts of the area expected to end up being uninhabitable by the end of the century due to water scarcity and high temperatures.
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