Introduction
Since the early 2000s, the oil-rich Gulf Cooperation Council (GCC) member countries underwent two significant economic transformations. The first one was a deliberate policy response to mitigate their heavy reliance on revenue generated from natural resources. A considerable portion of the Gross Domestic Product (GDP) of GCC nations and the bulk of their exports stemmed from income derived from hydrocarbon resources. Recognizing the vulnerabilities associated with such dependency, these countries embarked on efforts to diversify their economies away from oil and gas revenues. The objective was to build resilience against fluctuations in global commodity prices and to channel their resources into sectors promising more sustainable and efficient economic growth.1