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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 lat

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