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As part of their non-oil economic development strategies, regional governments are backing industries such as aluminium, steel and other metals and minerals, as well as industrial equipment manufacturing<\/p>\n
<\/strong><\/span><\/u>Download the infographic<\/strong><\/span><\/u><\/p>\n Gulf states diversify with purpose<\/strong><\/u><\/p>\n GCC countries pursue plans to expand their non-oil economies and\u00a0drive localisation<\/strong><\/em><\/p>\n Gulf governments have not deviated from their diversification mandates despite achieving high economic growth and\u00a0posting budget surpluses as a result of higher oil prices.<\/p>\n Unlike in the past, in the current high oil price cycle, regional governments are striving to increase investment in boosting their hydrocarbon production potential while at the same time working to reach their economic diversification targets.<\/p>\n \u201cMany of the GCC economies are at an inflection point today, realising that relying on oil revenue and public spending for growth is not sustainable,\u201d says Houssem Jemili, partner at the Middle East division of management consulting firm Bain & Company.<\/p>\n \u201cMany national strategies, whether in the industrial or services sector, represent a new approach to economic development that is productivity- and investment-led in a way that ensures stronger economic sustainability and prosperity for future generations,\u201d he says. Read more<\/span><\/u><\/p>\n