Booz Allen Hamilton has identified steps the firm believes Gulf Cooperation Council member countries can take to achieve continued growth and competitiveness in order to supplement oil-dependent revenue.
In a joint report with the Economist Intelligence Unit, Booz Allen recommends a shift toward greater involvement of the private sector in sectors such as communications, financial services, tourism and healthcare.
“The transition from an oil-centric economy to a diversified one is complex but achievable,” Mahir Nayfeh, a vice president at Booz Allen’s MENA organization.
“The GCC nations have what is perhaps the greatest untapped natural resource: citizens who want their nations to succeed,” he added.
According to the study’s findings, four countries (Oman, Qatar, Saudi Arabia and the United Arab Emirates) have already made progress in the communications sector through investments in cybersecurity and information technology.
The report identified other opportunities for diversified economic growth, including building the private sector workforce and strengthening public-private partnerships.