A survey conducted by Agelity, a logistics services specialist, showcased the progress of Gulf countries in diversifying their economies over the past decade.
According to the survey, which involved over 830 executive managers in the logistics services sector, Saudi Arabia claimed the top spot among Gulf countries in diversification efforts, accounting for 30.1%.
Following closely behind is the UAE at 26.7%, and Qatar at 21.8%, securing the third position. Kuwait stood at 9.4%, while both Bahrain and Oman recorded 6%.
The survey highlighted the utilization of incentives by Gulf Cooperation Council (GCC) countries to drive economic diversification.
This strategy focused on three main drivers, with the provision of a suitable environment for small and medium-sized enterprises (SMEs) garnering 5612 votes. Improving working conditions to attract multinational companies followed with 501 votes.
Additionally, innovation and technological development to advance beyond the initial stages of economic development received 413 votes, infrastructure development garnered 377 votes, and enhancing digital and global integration secured 338 votes.
Moreover, phasing out energy subsidies received 277 votes, building a skilled and future-resistant workforce received 225 votes, and finally, creating opportunities for women in the workforce received 167 votes.
In a related context, the survey indicated that 47.4% of respondents plan to invest in Africa during the current year, while 14.2% plan to invest in Africa for the first time.
Additionally, 31.8% intend to maintain their current strategies, while 6.8% are considering exiting or reducing operations in the African market.
