Abstract
An unprecedented infrastructure investment boom occurred in the Gulf Cooperation Council (GCC) in the first part of the 21st century. Strong public capital spending supported by high energy prices provided governments with an opportunity to accelerate economic diversification and infrastructure investment, lifting economic growth and per capita incomes. The 2014 collapse in oil prices created an added impetus for a transition to a more sustainable growth model less dependent on volatile energy markets. Here we make the case for a greater focus on energy productive investment to drive this transition.
