Key projects in GCC secure diversification and sustainable development
Analysis by Qatar National Bank revealed that higher capital expenditure on projects in GCC countries is underpinned by sustainable development and diversification, Gulf Daily News reported. Regional economies have used their sizeable surpluses to finance large projects with the aim of diversifying their economies and creating additional pockets of growth. As a result, the contribution of the non-hydrocarbon sector to growth has increased in recent years, and is currently the main driver of growth in most of these countries. A significant part of investments is going into infrastructure projects such as the building of new cities, roads, transport networks, real estate and power and water stations. This is partially to accommodate the region’s growing populations, but mainly to create infrastructure that enables the private sector to play a bigger role in the economy.