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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 website has been provided by the respective publishers and authors. You can assist appropriate errors and omissions. When requesting a correction, please discuss this item's deal with: RePEc: ehl: lserod:55252. See basic information about how to correct product in RePEc.
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Economic diversity is the procedure of transitioning an economy away from reliance on a single sector or income to multiple 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 fast socio-economic transformation.
The GCC region is undergoing a transformative phase focused on economic diversity 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 chauffeur behind financial diversity and green transition plans in the GCC is the well-documented effect of climate change in the region being experienced now and in the future. The World Bank estimates that as much as 100 million people in the Middle East, consisting of the GCC, will experience water tension by 2025, with parts of the region anticipated to end up being uninhabitable by the end of the century due to water shortage and high temperatures.
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