Dependence on a single source of income makes a national economy fragile, particularly if that source involves non-renewable resources. Therefore, the effective use of economic diversity is necessary for an economy to experience enduring prosperity. In order to improve a nation’s institutions, the quality of life for its residents, and its overall attractiveness, diversification is essential. With a common goal of maintaining stable high levels of living for future generations, the Gulf Cooperation Council (GCC) members are stepping up their efforts to promote economic diversification. This article focuses on the diversification strategies implemented by Arab Economies.
What are Diversification Strategies?
The economy’s overall productivity rises through diversification and the reallocation of resources from low-productivity to high-productivity economic activity. The fiscal system’s ability to reallocate resources turns out to be crucial to this process. Promoting the quality of the workforce and the degree to which workers’ skills are sufficient for high-value-added economic activities and the demands of the nation are other important aspects to support structural change and diversification.
- The Imperative for Diversification: Arab economies, historically dependent on oil exports, have faced volatility due to fluctuating oil prices. Recognizing the vulnerability of this reliance, many Arab nations are proactively seeking diversification strategies to mitigate economic risks. The imperative for diversification stems from the need to build resilience, promote sustainable growth and create a more balanced and stable economic foundation.
Example: According to the World Bank, for January 2024, a continued decrease in oil rents as a percentage of GDP in the Middle East and North Africa (MENA) region, signaling a sustained shift away from oil dependency.
- Technology and Innovation Hubs: Arab nations are investing heavily in becoming technology and innovation hubs. Countries like the United Arab Emirates (UAE) and Saudi Arabia have established free zones and innovation clusters to attract global tech companies and nurture homegrown startups. Initiatives such as Dubai’s ‘Smart Dubai’ and Saudi Arabia’s ‘Vision 2030’ highlight a commitment to fostering innovation-driven economies.
Example: The Dubai Silicon Oasis (DSO) in the UAE has grown into a thriving technology park, hosting companies such as HP, Schneider Electric, and Oracle.
- Economic Challenges and Global Dynamics: The Arab world has witnessed significant economic challenges, including demographic pressures, youth unemployment and the need for infrastructural development. Global dynamics, such as the transition to renewable energy, have also compelled Arab nations to reconsider their economic structures. Diversification strategies are seen as a response to these challenges, offering a pathway to economic transformation and inclusive development.
Example: Qatar’s expenditure on education as a percentage of GDP was 2.8% in 2019, as reported by the World Bank. The King Abdullah University of Science and Technology (KAUST) in Saudi Arabia is a leading research institution driving innovation.
- Renewable Energy Initiatives: The global shift towards sustainable practices has prompted several Arab countries to invest in renewable energy sources. With abundant sunlight, wind, and open spaces, nations like the UAE and Morocco are leading the way in solar and wind energy projects. These initiatives not only contribute to environmental sustainability but also provide avenues for economic diversification.
Example: According to IRENA, the UAE has the highest solar capacity per capita globally, with 1,900 watts per person. The Noor Solar Complex in Morocco is one of the world’s largest concentrated solar power plants, contributing to the country’s renewable energy goals.
- Tourism and Hospitality Expansion: The tourism sector is a key focus for diversification in many Arab economies. Recognizing the cultural and historical treasures within their borders, countries like Egypt, Jordan, and Oman are investing in tourism infrastructure. Mega-projects, such as Saudi Arabia’s NEOM and the Red Sea Project, aim to transform these nations into premier tourist destinations, diversifying revenue streams and creating jobs.
Example: The contribution of travel and tourism to Saudi Arabia’s GDP is projected to rise by 3.9% annually from 2021 to 2030, as per the WTTC. Saudi Arabia’s NEOM and Red Sea Project are ambitious tourism developments set to attract global visitors.
- Agricultural and Food Security Initiatives: Addressing food security concerns, Arab countries are investing in agricultural initiatives. Vertical farming, aquaculture, and sustainable agriculture practices are gaining traction. Initiatives such as the Qatar National Food Security Program and the UAE’s National Food Security Strategy aim to enhance self-sufficiency and reduce reliance on food imports.
Example: The Qatar National Food Security Program aims to achieve self-sufficiency in dairy and poultry production by 2023.
- Cultural and Creative Industries: Recognizing the value of cultural and creative industries, Arab nations are investing in arts, media, and entertainment. Initiatives like Dubai Design District (d3) and film festivals across the region are promoting local talent and attracting global attention. These ventures not only contribute to economic diversification but also showcase the rich cultural tapestry of the Arab world.
For More Details: https://arabianworldmagazine.com/
The Global PVC Window Profile Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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The Global Polyvinyl Alcohol Fibers Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the cognitive assessment and training market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1039Clinical trials in terms of application is expected to hold the largest market share in the cognitive assessment and training market during the forecast periodClinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes.
The assessment of cognitive functions is an integral part of decision-making during clinical drug development, as certain drugs can have an impact on the cognitive capabilities of the brain.
The market is expected to contribute the highest revenue for vendors offering clinical trials.Education vertical is expected to grow at the highest CAGR in the marketCognitive assessment solutions and services are used in the education vertical for screening prospective candidates for schools or colleges.
The leading cognitive assessment and training vendors for this vertical are Pearson Assessment and CogniFit.North America is expected to contribute to the largest market share and Asia-Pacific to grow at the highest CAGRNorth America is expected to hold the largest market share and to dominate the cognitive assessment and training market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases.
The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
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