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What the Gulf war means for the post-oil diversification agenda

A worker stands at a pipeline, watching a flare stack at the Saudi Aramco oil field complex facilities at Shaybah in the Rub' al Khali desert in Shaybah, Saudi Arabia.
Watching a flare stack at the Saudi Aramco oil field in the Rub’ al Khali desert in Shaybah, Saudi Arabia. Photo: Reza/Getty Images

Revised investment and risk framework for Gulf diversification exposure needs to treat large oil profit and security risks as explicit variables.

The Gulf’s pre-war economic diversification strategies were, by any measure, among the most ambitious transformation programs in the world. Vision 2030 in Saudi Arabia; the UAE’s pivot toward finance, tourism, and technology; Qatar’s LNG-anchored diplomatic and investment model – each represented a serious attempt to build durable economies beyond hydrocarbons.

The past

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