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GCC Diversifies With Billions in Energy, Tourism Projects

8/13/2026

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Summary

Story summary

Gulf Cooperation Council states have poured money into transport, tourism, finance and renewable-energy projects to diversify from fossil fuels.
Saudi Arabia holds an estimated 267 billion barrels of proven oil reserves, the region’s largest.
Algeria and Libya’s oil wealth has not translated into broad prosperity because political instability and weak institutions limit revenue distribution.

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Story summary

Gulf Cooperation Council states have poured money into transport, tourism, finance and renewable-energy projects to diversify from fossil fuels.
Saudi Arabia holds an estimated 267 billion barrels of proven oil reserves, the region’s largest.
Algeria and Libya’s oil wealth has not translated into broad prosperity because political instability and weak institutions limit revenue distribution.