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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 procedure of transitioning an economy far from dependence on a single sector or source of earnings to several sectors and markets. This sort 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 change.
The GCC area is undergoing a transformative phase focused on economic diversification and sustainable development.
A strong driver behind financial diversification and green transition plans in the GCC is the well-documented impact of environment modification in the region being experienced now and in the future. The World Bank approximates that approximately 100 million people in the Middle East, including the GCC, will experience water tension by 2025, with portions of the region anticipated to become uninhabitable by the end of the century due to water scarcity and high temperatures.
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