Economic diversification policies in the Arab Gulf countries

Abstract

One of the most important effects of economic diversification in the Arabian Gulf region is the elimination of the “unilateral economy ,” which depends on the oil sector. Therefore , to implement economic diversification, it is necessary to provide diversification bases , including the surpluses available in the various economic sectors , as well as the availability of material , human and technological resources to achieve this diversification , as well as encouraging foreign investments and relying on Gulf economic expertise. To diversify the economy in the Arab Gulf countries , it is necessary to exploit crude oil , filter its derivatives , and work to develop other economic sectors so that they support the oil sector in supplementing the state budget .