MUSCAT: The Oman Chamber of Commerce and Industry (OCCI) inaugurated the "Gulf Economic Diversification Indicators" seminar on Monday Feb 17, focusing on methods for assessing economic diversification in the Gulf Cooperation Council (GCC) countries. The two-day event is organized by OCCI’s Economic Committee in collaboration with the Regional Program for the Gulf States of the German Konrad Adenauer Foundation and the Smart Portal for Investment and Consulting.
The seminar underscores the critical role of economic diversification in strengthening Gulf economies, particularly amid global economic shifts. It aims to refine measurement tools for diversification progress, ensuring GCC nations can track and enhance their economic transformation efforts.
Shaikh Rashid bin Amer al Musalhi, First Deputy Chairman of OCCI’s Board of Directors, presided over the opening ceremony, which was attended by leading economists and industry experts from across the region.
His Highness Sayyid Dr Adham bin Turki al Said, Chairman of OCCI’s Economic Committee, emphasized that economic diversification is a core pillar of the Oman Vision 2040 strategy. He noted that engaging local and international experts in this discussion is essential to identifying key progress indicators and setting a roadmap for the next phase of economic reform.
He highlighted that all GCC economies prioritize diversification as a safeguard against economic volatility caused by geopolitical shifts and global market fluctuations.
The seminar will delve into the current state and challenges of economic diversification in GCC countries. It will also introduce a composite index for measuring economic diversification, providing a standardized framework to assess the effectiveness of diversification policies across the region.
The event marks a significant step in aligning Gulf economic strategies and ensuring a more resilient, innovation-driven economy for the future. — ONA
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