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26( 4 ), pages 543-566, April. Maximilian Benner, 2019. "," Economies, MDPI, vol. 7( 2 ), pages 1-22, May. All product on this site has been offered by the respective publishers and authors. You can help proper mistakes and omissions. When asking for a correction, please discuss this product's deal with: RePEc: ehl: lserod:55252. See basic details about how to correct product in RePEc.
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Economic diversification is the process of transitioning an economy away from reliance on a single sector or source of income to numerous sectors and markets. This type of financial 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 transformation.

The GCC region is undergoing a transformative phase concentrated on economic diversification and sustainable advancement. Historically reliant on oil and gas, GCC economies are now making every effort to diversify their profits sources through ambitious government-led initiatives like Saudi Vision 2030 and We the UAE 2031 that shift focus from high-risk, susceptible and/or high-carbon markets and sectors to economies.
A strong driver behind financial diversification and green shift strategies in the GCC is the well-documented effect of climate change in the area being experienced now and in the future. The World Bank approximates that approximately 100 million individuals in the Middle East, consisting of the GCC, will struggle with water stress by 2025, with portions of the area anticipated to become uninhabitable by the end of the century due to water deficiency and high temperature levels.
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