Unlocking Gulf Nations' Economic Transformation: Beyond Oil Wealth

A report by Lea Fayad, English adaptation by Nadine Sassine 

Did you know that if the UAE were to sell its foreign assets, it could make every one of its citizens, exceeding one million Emiratis, a millionaire? 

The same scenario applies to Qatar, with around 300,000 citizens, and even Saudi Arabia, which has a much larger population (18 million), and could potentially provide about $60,000 per person if it sold its external assets, according to Bloomberg. 

This simple insight showcases the wealth magnitude of these countries historically reliant on oil.

But hold on, what's the purpose of this wealth? The real objective is securing the future, specifically for future generations. That's why Gulf countries are diversifying their economies and investing away from this sector, especially given the often volatile prices of oil and gas, as the world increasingly moves away from this sector.

Look at Qatar's commitment to its 2030 vision for economic diversification, especially after successfully hosting the massive World Cup event in 2022. In the field of technology, Qatar has allocated incentives of around $2.5 billion and announced the launch of the Arab Artificial Intelligence project "Al-Fanar," which collects data and helps enhance the quality of Arabic language curriculums in the region.

Similarly, Saudi Arabia's Vision 2030 has shown remarkable progress in the last seven years, increasing non-oil revenues from 10% in 2016 to 37%, reducing unemployment from 12.3% to 7.7%, and increasing women's workforce participation to 36%.

All these advancements are being achieved by Gulf countries despite challenges such as COVID-19, wars, and global economic uncertainties, thanks to cooperation, planning, and resilience—sending positive signals and sketching a better future.