Gulf oil producers are finding it difficult to diversify their economies away from their biggest export revenue contributor, and it may take them at least a decade to make any progress on this. This is what Moody’s forecast in a recent report, as quoted by Reuters, noting that this reliance on oil revenues would be the “key credit constraint” for the six members of the Gulf Cooperation Council: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The forecast hardly comes as a surprise for anyone…
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