'GCC turns oil crisis into economic diversification opportunity'
Muscat – A sharp decline in oil prices in recent years led to budget deficits and impacted credit ratings of Gulf Cooperation Council (GCC) countries. However, instead of seeing this as a setback, the region used the crisis as an opportunity to accelerate economic diversification efforts, according to H H Sayyid Dr Adham bin Turki al Said, Chairman of Economic Committee at Oman Chamber of Commerce and Industry (OCCI).
Speaking at a symposium titled 'Economic Diversification in the Gulf States: Measurement Indicators and the Role of the Private Sector', H H Sayyid Dr Adham emphasised the importance of reducing dependence on oil revenues. 'Oman Vision 2040 has identified key sectors – industry, logistics, food security and tourism – as the foundation for economic diversification,' he said.
He added that other sectors, such as healthcare, education and information technology, also hold potential for growth.
Organised by the Economic Committee of OCCI in collaboration with Konrad-Adenauer-Stiftung's Regional Programme Gulf States and Smart Portal for Investment and Consulting, the symposium focused on assessing economic diversification efforts across the region. Experts from Oman, Germany, the GCC and other countries participated in discussions to evaluate progress and identify challenges.
H H Dr Adham stressed that the private sector plays a critical role in driving diversification. 'The sector finds many promising opportunities in market trends. This symposium aims to analyse the current landscape and challenges while introducing mechanisms to enhance economic diversification efforts across the Gulf,' he said.
He highlighted the role of the Economic Diversification Platform in raising awareness and assisting policymakers in formulating strategies to support long-term economic growth.
The second day of the symposium featured round-table discussions with specialists from the GCC, Germany, European countries and the United States. The sessions explored key economic variables influencing growth in the Gulf, methods for measuring economic diversification, and potential areas for improvement in the composite index used to track progress.
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