Transition time in the Gulf
Fearful of American shale and electric cars, GCC states want to lessen their oil-revenue dependence
Kuwait has become the latest Gulf state to launch an ambitious plan to diversify its economy away from dependence on oil. "New Kuwait", a development strategy up to 2035, comes hard on the heels of Saudi Arabia's Vision 2030, launched in 2016. Among the aims of New Kuwait is to boost foreign-direct investment and expand the role of the private sector. Planned mega-projects in the coming decades aim to more than triple the country's revenue, from KD13bn ($42bn) to KD35bn, in 2035. That Gulf Cooperation Council (GCC) states need to move away from a reliance on income from hydrocarbons has been obvious for years, and the collapse of oil prices after 2014 has only reinforced that. Kuwait's lates
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
