Economic diversity across a wide range of profitable sectors is the key to a strong sustainable economy and a higher standard of living; it creates jobs, encourages the development of new knowledge and technology and helps to ensure a stable political climate. Diversification can also reduce a nation’s economic volatility and increase its real activity performances. The hydrocarbon-rich GCC countries face sizeable challenges in diversifying their oil and gas-dependent economies. After enjoying the past few decades of unprecedented growth and wealth, now is the time for these countries to begin transforming their economies. In the face of exhausting resources, GCC countries are looking to the robust, diversified economies of Hong Kong, Singapore, New Zealand, Norway, and South Korea. They are seeking the efficiency and sustainability that cannot be achieved by maintaining a single commodity-based economy. A recent Booz&Co. study regarding sustainable development in the GCC elucidated three key findings linking
