Oil-reliant Gulf countries have a future beyond fossil fuels in industries such as entertainment and hospitality, the co-CEO of an investment firm told CNBC on Wednesday.
While the GCC could simply look backward and be “wedded” to the oil industry, Hazem Ben-Gacem, co-chief executive of Investcorp, said he would like the region to “think differently.”
“There is a very exciting GCC that is beyond oil, that is in so many other industries, whether entertainment, hospitality, industrial, services,” he told CNBC’s “Capital Connection” at the Milken Institute Middle East and Africa Summit in Abu Dhabi.
The Gulf Cooperation Council is an economic alliance that includes large oil-exporting countries.
When asked if he is worried about $50 oil, he said there will always be issues to be worried about, but “we can’t be bogged down.” Whether oil prices are low or high, what matters is the strategy and direction for the future, said Ben-Gacem.
“I think there is a clear path for GCC 2.0 that is away…