The countries in the GCC region have largely been dependent on oil-related sectors for their economic growth. However, the recent decline in oil prices has forced the countries in this region to decrease their dependence on oil. As a result, the regional governments are increasingly investing in diversification, switching focus from the public to the private sector, improving banking system liquidity and solvency, as well as developing a better environment for SMEs. These initiatives are expected to create beneficial business opportunities for investors and boost the region’s economic growth.
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