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"," Urban Research, Urban Research Journal Limited, vol. 42( 8 ), pages 1369-1390, July. Nir Kshetri, 2023. "," Financial Innovation, Springer; Southwestern University of Financing and Economics, vol. 9( 1 ), pages 1-38, December. Corneo Giacomo, 2011. "," Evaluation of Middle East Economics and Financing, De Gruyter, vol. 7( 1 ), pages 1-19, May. M Douglass, 1994.
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Economic diversity is the procedure of transitioning an economy away from dependence on a single sector or source of earnings to numerous sectors and markets. This type 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 rapid socio-economic change.
The GCC region is undergoing a transformative phase focused on financial diversification and sustainable development. Historically reliant on oil and gas, GCC economies are now making every effort to diversify their earnings sources through ambitious 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 shift plans 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 approximately 100 million individuals in the Middle East, consisting of the GCC, will struggle with water stress by 2025, with parts of the area expected to become uninhabitable by the end of the century due to water shortage and high temperature levels.
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