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Economic diversification is the process of transitioning an economy away from reliance on a single sector or income source to several sectors and markets. This type of economic 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 rapid socio-economic transformation.
The GCC area is going through a transformative phase focused on economic diversity and sustainable advancement.
A strong chauffeur behind economic diversification and green shift plans in the GCC is the well-documented effect of climate change in the area being experienced now and in the future. The World Bank estimates that as much as 100 million people in the Middle East, including the GCC, will struggle with water tension by 2025, with parts of the area expected to end up being uninhabitable by the end of the century due to water scarcity and heats.
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