The era of endless oil demand growth is over, oil major BP predicts, and so would eventually be whole segments of generous welfare systems that have long played a central role in the Arab Gulf region, creating a solid middle class and shaping every facet of modern life.
During the five years following the 2014 oil crash, Gulf Cooperation Council (GCC) countries accumulated over $500 billion in budget deficits. Therefore, in the coming years, an economic transformation could be vital to preventing a decline in social spendings.