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the arab gulf states - bahrain, kuwait, oman, qatar, saudi arabia, and the uae -are highly vulnerable to oil price shocks due to their high economic reliance on oil and gas export revenues. historically, oil price shocks have been a source of pressure on the arab gulf states economies. however, only
since mid-2014 have oil prices seemed to pressure on political regimes to consider domestic economic reforms and development of alternative sources of income (i.e. economic diversification). among other measures, energy subsidy reforms, privatization, and even a value added tax have been discussed and...
https://www.carbonpricingleadership.org/blogs/2018/12/13/how-can-carbon-pricing-support-economic-diversification-in-the-arab-gulf-states
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