Future of GCC: Oil-dependent Region Seeks Growth through Economic Diversification and Socio-Political Reform

Growth opportunities exist in diversification of economy, renewable energy and employment focus for Gulf Cooperation Council nations

SANTA CLARA, Calif., Sept. 11, 2017 /PRNewswire/ --

Over the past 50 years an unparalleled economic growth has developed among the oil-rich Gulf Cooperation Council (GCC) countries, which now rank among the world leaders in per-capita income. However, recent price fluctuations have caused complications in these oil-dependent economies. GCC nations have recognized that oil resources alone cannot support economic prosperity over the long term, and they have shifted toward economic diversification. Almost all GCC countries will undertake social and political reform by 2020 to increase non-oil revenue and the private sector's contribution to GDP. In the next decade, GCC nations will see tremendous growth in mobile connectivity; internet usage, online retailing and cities will create larger economies than countries. These countries will also shift toward renewable resources for energy generation to preserve the oil wealth. Accelerated privatization of companies, resources, property and sectors is expected to fortify the region's financial resources and lend greater stability to future economic prospects. These forces will strengthen the GCC economies and help eradicate oil-price complications.

Frost & Sullivan's Visionary Innovation Group welcomes your participation in our fast approaching GIL (Growth, Innovation and Leadership) Briefing, where we will discuss greater economic diversification, the shift towards clean and renewable energy, and policies to foster the public sector and creation of employment for GCC countries.

Attend this webinar:

• To recognize the future prospects of this region that would attract more global investments and market attention
• To identify the major Mega Trends of this region in the next 10 years and understand their impact on the economy and businesses of the GCC
• To obtain insights on how the oil-price fluctuations will impact the economy and businesses of the region, and how the region will sustain its economic growth in the future

Thought leader insights:

"GCC nations will emphasize focus on economic diversification in the next decade. Non-oil sectors will account for more than 80 percent of GDP in countries such as UAE and KSA. Sectors like tourism and online retail will see huge growth in the next 10 years. GCC governments have taken initiative to boost private sector investments, constructing new tourists' attractions and expanding airport capacity, to provide impetus to the growth of the hospitality sector in the region. In addition, increased digitization in the region will boost online activities of the region resulting in the retail sector seeing a shift from mall culture to online purchase," said Frost & Sullivan Senior Research Analyst Malabika Mandal. "The other factors like increasing renewable resources, increased connectivity, infrastructure development, improved regional trade due to trade corridors and accelerated privatization of companies, resources, property and sectors is expected to fortify the region's financial resources and lend greater stability to future economic prospects."

Register:

To attend the briefing, email Jaylon Brinkley, Corporate Communications – jaylon.brinkley@frost.com -- your full name, job title, company name, company telephone number, and company email address, website, city, state and country or click here: http://frost.ly/1t1

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community.

Contact:
Jaylon Brinkley
Corporate Communications - North America                                           
+1.210.247.2481                                                           
jaylon.brinkley@frost.com