Gulf Cooperation Council (GCC) Region Mega Trends, Forecast to 2030

Gulf Cooperation Council (GCC) Region Mega Trends, Forecast to 2030

Evaluating Key Transformational Themes

RELEASE DATE
09-Jul-2020
REGION
North America
Research Code: PA98-01-00-00-00
SKU: CI00710-NA-MT_24580

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Description

Economic growth will strengthen in the GCC region despite oil-price complications, mainly due to the economic diversion from the oil sector to non-oil sectors and also due to initiatives and strategies to encourage private enterprises. Apart from robust economic growth, the business environment of the region will also undergo a radical change due to the emergence of new business models. These new business models will emerge due to the digital transformation of industries as well as other social and political changes. Social heterogeneity, which is identified by the differences in income, ethnicity, gender, and age, will exaggerate in this region. This will have a far-reaching impact on business models, economic trends, and also social dynamics. This increasing social diversity will lead to the advent of distinct generational groups such as Gen Y and Gen Z. Rising participation of women in the workforce and the growing affluent class will also have a huge impact on the economic and business environment of the region. Diverse attitudes, motivations, and beliefs among these groups will compel businesses to focus on products and services that are personalized to suit the unique demands of each group. Advancement in technologies like 5G, augmented reality (AR), virtual reality (VR), and AI will make way for new business models in this region. In the last decade, the GCC region endured major economic transformation, with the aim to diversify its economy away from the hydrocarbon sector. In the coming decade it is expected that technology will play a very significant role in further transformation of the economy from an oil-dominant to a digital society. Digital transformation in sectors such as retail, energy, manufacturing, healthcare, and entertainment will help in the growth of the non-oil economy in the region.

• Connected Living: Internet is expected to account for 5% of national GDP by 2030 up from 4.1% in 2018. All six markets are expected to launch 5G mobile services by the end of 2020. Hence, several digital initiatives to improve city governance to citizen’s lifestyle will be the highlight of the region.
• Fintech Revolution: There are more than 250 fintech start-ups in the GCC region across a population of close to 400 million. Regional fintech initiatives will expand fintech activities by 50% in the next 5 years.
• Online Retail: The GCC retail sector is expected to grow to $405 billion by 2030, with the UAE and Saudi Arabia leading retail sales in the next 5 years, accounting for 77% of total GCC sales. Physical stores will continue to dominate, but online retailing and business-to-business (B2B) marketplaces are also growing.

Socioeconomic trends such as Gen Z growing as a future consumer base, rising GCC affluence, and growing participation of women in work will create future opportunities for this region.

• Gen Z: Gen Z is expected to account for nearly 1/4th of GCC’s population and thus, is a significant influencer on the consumer base. Gen Z will create equal opportunities for even lesser known brands as long as the value proposition is experienced.
• Growing population of millionaires in GCC: UAE is expected to witness 60% growth in the number of ultra-high net worth individuals (UHNWI) from 2019 to 2030, thus, opening opportunities for numerous luxury products and services markets.
• Participation of women in the workforce: By 2030, participation of women in the workforce is likely to cross 50% in most GCC countries, with it reaching 25% in KSA and 31% in Oman. This is expected to add $90 billion to KSA’s economy alone.

Non-oil sectors such as education, mega event projects, and renewable energy will also create future investment and business opportunities in the region.

• Future of education: Opportunities are abundant in K-12 and tertiary and vocational education. Increasing preference for natives in employment is generating a huge demand for skillset training.
• Sporting events: The GCC sport event industry is expected to witness 8% to 10% growth till 2030. This will require the development of sports complexes and sports facilities. The demand for hotels will get a boost as sports tourists visit the region.
• Renewable energy: Cumulative installed generation capacity for renewable energy across GCC is expected to reach 72,300 MW by 2030.

In the next decade, GCC 's non-oil sectors will continue to dominate the economy. Increased digital penetration, advanced technologies such as 5G, artificial intelligence, robotics, and AR/VR lead to the emergence of Mega Themes that will have a far-reaching impact on the region and create future opportunities for this region.

RESEARCH: INFOGRAPHIC

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Table of Contents

What is a Mega Trend?

Mega Themes—Taxonomy

Mega Themes—Taxonomy (continued)

Mega Theme 1—Heterogeneous Society

Mega Theme 2—Connected Living

Mega Theme 3—Rise of Platform Economy

Mega Theme 4—Economic Diversion

Mega Theme 5—New Business Models

Mega Theme 6—Mega Events and Mega Projects

Mega Theme 7—Health, Wellness, and Wellbeing

Mega Theme 8—New Dimensions of Mobility

Mega Theme 9—Energy Revolution

Mega Theme 10—Cognitive Era

Research Scope

Research Aims and Objectives

Geographic Scope

Mega Theme 1—Heterogeneous Society

Rising Expat Population in GCC

Expat Population Policies Driving Skilled Expat Population in GCC

Generation Z—A Growing Consumer Base in GCC

Generation Z Customer Profile

Rising GCC Affluence Globally

GCC Women Participation in the Workforce

Women Empowerment Initiatives and Societal Reforms in KSA

Mega Theme 2—Connected Living

Mobile and Internet Economy of GCC

5G and Beyond

Digital Identity for GCC Citizens

eGovernance Services in the GCC

Future Evolution of eGovernance Services in the GCC

Fintech Revolution in GCC

Final Frontier Space Jam in GCC

Gaming Industry Positioned to Evolve as a Significant Economic Contributor

GCC Gaming Market to be Valued at $4.53 Billion by 2025

Mega Theme 3—Rise of Platform Economy

Future of Retail and eCommerce in the GCC

eCommerce Participants in GCC

The Rise of Dark Industries

The Rise of Dark Industries—Impact on Last-mile Logistics

Last-mile Food Delivery Market in the Middle East

B2B Marketplaces in GCC

The Future of Cryptocurrency

Mega Theme 4—Economic Diversion

Economic Diversification—Regional Perspective

GCC to Become a $2.82 Trillion Economy by 2030

Global Trading Hub—Overview

GCC to be a Global Trading Hub

GCC Trading Economy—Mega Ports and Regional Competition

Future of Education in GCC

Growth of the Private Education Sector in GCC

Transformational Shifts in the GCC Chemical Industry

Key Global and Regional Trends of the Chemical Industry

Growth Opportunities in the GCC Chemical Industry

Mega Theme 5—New Business Models

Omnichannel Strategy

Start-ups Putting GCC on the World Map

Servitization Model

Circular Economy

Case Study—Dubai has Committed Toward Driving Sustainability and Becoming a Circular Economy

Sport Events in the GCC

Impact of FIFA World Cup 2022 on Qatar’s Economy

Impacts of EXPO 2020 on Dubai/UAE’s Economy

Future of Tourism—Growth Drivers of the Muslim Travel Market

Mega Entertainment Parks in GCC

eSports Activities Rising in the GCC Region

Mega Theme 7—Health, Wellness, and Wellbeing

GCC Healthcare Expenditure

Burden of Lifestyle Diseases

Connected Care and Digital Health in GCC

The Growing Cosmetic Care Market in GCC

Extended Healthcare Market in the GCC

Digital Health—Smart Textiles: The GCC Story

The Newest Battleground for the Fight for Fitness

UAE Set to Become Hub of Medical Tourism in GCC

Medical Tourism in KSA

Mega Theme 8—New Dimensions of Mobility

Integrated and Multimodal Mobility in the GCC

Mode Share of Mobility in GCC Countries in 2018–2019

Expanding Car Industry of GCC

Auto Digital Retail in the GCC

GCC Takes Express Lane to Become a Part of a Global Mobility Supply Chain

The GCC Rail Network, Connecting the 6 Nations, to Roll Out by 2023

Large-scale Rail Network Expansion in GCC

Metro Network to Become the Backbone of the GCC Transport System

Abu Dhabi to See World’s 1st Commercial Hyperloop in 2020

The Dubai Air Taxi Programme—First in GCC

Mega Theme 9—Energy Revolution

Growing Renewable Energy Demand in GCC

Energy Efficiency Targets Across GCC Nations

Power Demand to Rise Across GCC Countries

Growth Opportunities in the Energy Sector Across the GCC Region

Mega Theme 10—Cognitive Era

Machine Learning and Deep Learning Application Landscape

Vision Saudi 2030 Aims to Make KSA the Investment Powerhouse

Mining Sector to be the Main Pillar of KSA’s Economy

KSA as a Transportation and Logistics Hub of GCC

Tourism will be the Highest Growth Sector of KSA by 2030

KSA’s Private Education Sector to Grow Exponentially by 2030

KSA to Have a Billion Dollar Entertainment Industry by 2030

Saudi Chemical Sector to Offer Huge Opportunities

Conclusive Summary—Impact Assessment of the Mega Themes

Conclusive Summary—Impact Assessment of the Mega Themes (continued)

Conclusive Summary—Impact Assessment of the Mega Themes (continued)

Conclusive Summary—Impact Assessment of the Mega Themes (continued)

Conclusive Summary—Impact Assessment of the Mega Themes (continued)

Conclusive Summary—Impact Assessment of the Mega Themes (continued)

Conclusive Summary—Impact Assessment of the Mega Themes (continued)

Conclusive Summary—Impact Assessment of the Mega Themes (continued)

Conclusive Summary—Impact Assessment of the Mega Themes (continued)

Conclusive Summary—Impact Assessment of the Mega Themes (continued)

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List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

Related Research
Economic growth will strengthen in the GCC region despite oil-price complications, mainly due to the economic diversion from the oil sector to non-oil sectors and also due to initiatives and strategies to encourage private enterprises. Apart from robust economic growth, the business environment of the region will also undergo a radical change due to the emergence of new business models. These new business models will emerge due to the digital transformation of industries as well as other social and political changes. Social heterogeneity, which is identified by the differences in income, ethnicity, gender, and age, will exaggerate in this region. This will have a far-reaching impact on business models, economic trends, and also social dynamics. This increasing social diversity will lead to the advent of distinct generational groups such as Gen Y and Gen Z. Rising participation of women in the workforce and the growing affluent class will also have a huge impact on the economic and business environment of the region. Diverse attitudes, motivations, and beliefs among these groups will compel businesses to focus on products and services that are personalized to suit the unique demands of each group. Advancement in technologies like 5G, augmented reality (AR), virtual reality (VR), and AI will make way for new business models in this region. In the last decade, the GCC region endured major economic transformation, with the aim to diversify its economy away from the hydrocarbon sector. In the coming decade it is expected that technology will play a very significant role in further transformation of the economy from an oil-dominant to a digital society. Digital transformation in sectors such as retail, energy, manufacturing, healthcare, and entertainment will help in the growth of the non-oil economy in the region. • Connected Living: Internet is expected to account for 5% of national GDP by 2030 up from 4.1% in 2018. All six markets are expected to launch 5G mobile services by the end of 2020. Hence, several digital initiatives to improve city governance to citizens lifestyle will be the highlight of the region. • Fintech Revolution: There are more than 250 fintech start-ups in the GCC region across a population of close to 400 million. Regional fintech initiatives will expand fintech activities by 50% in the next 5 years. • Online Retail: The GCC retail sector is expected to grow to $405 billion by 2030, with the UAE and Saudi Arabia leading retail sales in the next 5 years, accounting for 77% of total GCC sales. Physical stores will continue to dominate, but online retailing and business-to-business (B2B) marketplaces are also growing. Socioeconomic trends such as Gen Z growing as a future consumer base, rising GCC affluence, and growing participation of women in work will create future opportunities for this region. • Gen Z: Gen Z is expected to account for nearly 1/4th of GCCs population and thus, is a significant influencer on the consumer base. Gen Z will create equal opportunities for even lesser known brands as long as the value proposition is experienced. • Growing population of millionaires in GCC: UAE is expected to witness 60% growth in the number of ultra-high net worth individuals (UHNWI) from 2019 to 2030, thus, opening opportunities for numerous luxury products and services markets. • Participation of women in the workforce: By 2030, participation of women in the workforce is likely to cross 50% in most GCC countries, with it reaching 25% in KSA and 31% in Oman. This is expected to add $90 billion to KSAs economy alone. Non-oil sectors such as education, mega event projects, and renewable energy will also create future investment and business opportunities in the region. • Future of education: Opportunities are abundant in K-12 and tertiary and vocational education. Increasing preference for natives in employment is generating a huge demand for skillset training. • Sporting events: The GCC sport event industry is expected to witness 8% to 10% growth till 2030. This will require the development of sports complexes and sports facilities. The demand for hotels will get a boost as sports tourists visit the region. • Renewable energy: Cumulative installed generation capacity for renewable energy across GCC is expected to reach 72,300 MW by 2030. In the next decade, GCC 's non-oil sectors will continue to dominate the economy. Increased digital penetration, advanced technologies such as 5G, artificial intelligence, robotics, and AR/VR lead to the emergence of Mega Themes that will have a far-reaching impact on the region and create future opportunities for this region.
More Information
No Index No
Podcast No
Author Malabika Mandal
Industries Cross Industries
WIP Number PA98-01-00-00-00
Is Prebook No
GPS Codes 9A3B