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, chapter 1, pages 1-29, Palgrave Macmillan. 2012/271, International Monetary Fund., MIT Press, vol.
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Economic diversification is the process of transitioning an economy away from reliance 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) area, where Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates are experiencing quick socio-economic improvement.
The GCC area is undergoing a transformative stage focused on economic diversification and sustainable development.
A strong driver behind financial diversity and green transition plans in the GCC is the well-documented impact of environment change in the region being experienced now and in the future. The World Bank approximates that up to 100 million people in the Middle East, consisting of the GCC, will experience water tension by 2025, with portions of the region expected to become uninhabitable by the end of the century due to water shortage and heats.
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