The Gulf countries recently put forward many a development vision to bring about radical change in their economic structure and, thus, find the best options to their dependency on oil for income generation. All six states have identified 2030 as the completion date for these changes... and, incidentally, nearly 100 years after the first exports of oil shipments from Bahrain in 1932.

Over the decades, oil has indubitably changed the Gulf’s social and economic structures. It transformed these nations from simplistic societies to advanced ones providing state-of-the-art service and have also served as a magnet for foreign capital and transportation services.

Education, quality of living and health services have also boomed as a consequence and Gulf nationals and residents enjoy a higher standards of living Currently, the leaderships do recognize that the hundreds of billions invested in hard infrastructures - such as airports, ports, roads, transportation and power plants - as well as those in soft ones like education should be reinvested to create a solid economic structure that can develop a momentum of its own.

The Gulf’s approaches may sound bold, especially while the region is experiencing unstable conditions caused by regional and foreign powers that get upset because of the progress and prosperity made within the GCC in all areas. But those who know well the history of the Gulf do recognise that while we may be late in taking steps, once we start we achieve our targets rapidly regardless of difficulties faced.

Is it possible to move away from oil in a relatively short time to bring down its contribution to the gross domestic production (GDP) by 20 per cent over the course of the coming 15 years? Would it be possible to create non-oil economic sectors based on a strong industrial base and boost education and link it to labour market requireements?

The answer is an absolute “yes” because of the availability of strong foundations on which the Gulf economies are built. To begin with, the GCC states enjoy an infrastructure similar to those in developed countries, and regarded as one of the keys to success. The time has come to make optimal use of it to develop the non-oil economic sectors.

Second, the legislation and regulatory systems are sophisticated and has attracted many local and foreign investments. These have created a stable investment environment that guarantees the right to the free movement of capital.

Three, the six Gulf countries are unique in their stability as well as in the grassroots support for their leaders’ visions. That has created a state of harmony which boosts the public confidence in such approaches.

Fourth, the GCC members have good relations with other countries as they always respect international laws, refrain from interfering in the internal affairs of others, are committed to good neighborly policies, and extend a helping hand to other countries by funding development, social and humanitarian projects.

All of the above proves that the Gulf’s approaches did not come out of nowhere but are the fruits of years of planning by earlier leaders and generations that resolutely faced up to and overcame diverse challenges through utilizing the potential generated by the oil wealth.

A simple example of that is education. GCC nations have addressed multiple challenges to keep up with global institutions of higher education. They are deemed the most prestigious educational institutions and similar to those in developed countries.

It is true that there are challenges, but the GCC’s experience proves these could be turned into a success and used as a path to realise objectives. These can establish a different Arabian Gulf by 2030 and where the economy can enjoy all elements of sustainability with a minimum reliance on oil.

Dr Mohammad Al Asoomi is a UAE economic expert and specialist in economic and social development in the UAE and the GCC countries.