Economic diversification represents one of the main strategic goals set by the Gulf Cooperation Council (GCC). This approach was adopted in 1986 after the collapse of oil prices that reached seven dollars per barrel. This called for the introduction of policies of austerity and led to delay in payment of salaries in some institutions and the postponement of many projects due to cuts in expenditure.
Since then, successes made by GCC countries have varied greatly and relatively. The UAE and Saudi Arabia, for example, achieved significant progress in diversification of sources of income and reducing reliance on oil.
A few years later, Qatar followed suit and made significant progress, as the UAE managed to develop important sectors, such as tourism, services, and some modern industries in the UAE and energy -based industry. Saudi Arabia succeeded in developing consumer products, while Qatar has developed gas-related industries and services.
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