“On average, the proportion of government revenues coming directly from oil activities in the GCC has fallen by 20 percent of the total in the past decade, but remains high at 60 percent… The three countries that have so far introduced VAT have seen the greatest success in diversifying their revenues, with Saudi Arabia outperforming its peers.”
–Farouk Soussa, Goldman Sachs, commenting on his research regarding GCC states’ diversification efforts. [Arab News]
