Oil-reliant Gulf nations have a future past fossil fuels in industries resembling leisure and hospitality, the co-CEO of an funding agency advised CNBC on Wednesday.
Whereas the GCC may merely look backward and be “wedded” to the oil trade, Hazem Ben-Gacem, co-chief government of Investcorp, mentioned he would really like the area to “assume in another way.”
“There’s a very thrilling GCC that’s past oil, that’s in so many different industries, whether or not leisure, hospitality, industrial, companies,” he advised CNBC’s “Capital Connection” on the Milken Institute Center East and Africa Summit in Abu Dhabi.
The Gulf Cooperation Council is an financial alliance that features giant oil-exporting nations.
When requested if he’s nervous about $50 oil, he mentioned there’ll at all times be points to be nervous about, however “we will not be slowed down.” Whether or not oil costs are low or excessive, what issues is the technique and course for the longer term, mentioned Ben-Gacem.
“I believe there’s a clear path for GCC 2.zero that’s away…