“Crude Awakening: Economies at Risk”
In the August 11, 2008 edition of 7 Days (UAE), Partner Richard Shediac (Middle East) was quoted in an article about the recent Booz & Company report, “Economic Diversification: The Road to Sustainable Development,” which describes how Gulf Cooperation Council (GCC) nations are transforming their economies from being based on a single commodity to robust, diversified ones. “GCC countries’ non-oil sectors have not fully matured and still have pervasive structural gaps… This suggests revenues from oil and gas are not being reinvested effectively in GCC countries.” The article also quoted Principal Chadi Moujaes.