Journal of Economics and Development Studies

Economic Diversification and Oil Revenuesin the Arab Gulf Countries - The Case of Saudi Arabia
Dr. Hayder H. Tuama

Abstract
The diversification of the economy took on great importance after rent countries realized the depth of the imbalances and structural distortions caused by their reliance on oil, which made them characterized by a unilateral economy. The risk of dependence on this resource stems from the correlation between its prices on the world oil markets and their sharp fluctuations from time to time, and the impact on economic growth and stability in these countries. This paper attempts to assess the efforts of the GCC countries over the past decades to transform their economies away from excessive dependence on oil by creating a more diversified and productive economic system. The study will focus on Saudi Arabia's experience in diversifying the production base over the past decades and discussing the challenges that hindered its economic diversification.It will also elaborate some recommendations on how to adjust the policies of diversification in order to make them more successful in the future.

Full Text: PDF     DOI: 10.15640/jeds.v6n4a15