Abstract: This article deals with necessity of oil-rich countries of the Gulf Cooperation Council (GCC) to move away from commodities export in favour of more diversified economies in times of low prices of crude oil. Issues, including the rise of alternative branches of industry, shifts in agriculture to developing countries in Asia and Africa, investments in shares of profitable enterprises and property in the West, development of the service economy are examined.
Keywords: GCC countries, modernisation, crude oil, aviation, aluminum, construction industry, tourism, investment, retail trade
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