The world’s appetite for oil is running out. GCC countries have ambitious, forward-looking visions for diversification, and while bringing important progress on physical and social infrastructure, they still need to address the core long-term foundation to ensure they are able to attract global businesses when oil is no longer a widely traded commodity.

The real opportunity lies in how the GCC can make the most of the global shift in economic power. Trade and investment patterns have been changing. Over the past decade, Asian demand has risen rapidly not only for oil and gas, but also for the products of diversification such as petrochemicals, metals and fertilisers.

Indeed, marking the shift in world trade patterns, Asia now absorbs 59 per cent of GCC’s exports. Europe’s share has fallen from 37 per cent in 1980 to just 7 per cent now. The US also registers 7 per cent, just half of what it was in 1990. Emerging markets, which purchased only 20 per cent of Gulf exports in 1980s, have purchased the majority since 2009.

So, what is the long-term vision that will ensure that global businesses remain interested in the GCC, regardless of oil revenues and the fortunes of other larger emerging markets? How can the GCC become a hub for innovative global talent?

While many developed and emerging markets are struggling to maintain solid growth, there is strong and growing demand, especially in Saudi Arabia, the UAE and Qatar. Where elsewhere in the world austerity policies dominate the news, regional governments are developing new industries, while setting the foundations for a knowledge economy. And where economic power centers are shifting, new global cities are emerging.

The economic fundamentals in the GCC are currently very strong. International companies are attracted by the resurgence of demand in the region, while GCC companies are investing heavily both at home and abroad. The GCC’s global economic prominence has risen rapidly in the past decade, with its share of global GDP doubling to 2.2 per cent. As its trade and investment have spread internationally, the region has worked closely with international organisations to benchmark itself against global norms.

Nevertheless, there are significant barriers to realising the economic potential of the moment — and without concerted action, that moment may pass.

Companies operating in the Gulf states are challenged by complicated regulations and the difficulties of hiring and retaining local talent. These barriers to realising the potential they see mean that global companies also worry about their long-term future in the GCC. The danger is that, once other big markets pick up and if the world’s appetite for oil starts to fall, Gulf states may no longer be as attractive within the global economy as they are today.

The key is to welcome the world into the GCC — not just as tourists or expatriates, but as global talent, with a stake in the long-term economic future of Gulf markets and the desire and ability to motivate and nurture the region’s young people. That means building an open community made up of world-class talent, home-grown and otherwise, with similar hopes, aspirations and opportunities.

This public engagement with the world is a natural step as the Gulf states gain in global stature and the image boost brings enormous benefits in terms of increased trade, investment and tourism. But it also involves outsiders taking a critical and uncontrollable look at all aspects of local economies and cultures. Learning to accept and respond with confidence to that international scrutiny will be one of the challenges of the next few years.

If businesses interested in the region want to realise the potential that is undoubtedly here, they need to understand the drivers of policy. It is crucial to align their strategies with overall policy aims, while tactically working around any contradictions in their implementation. Policymakers also need to be aware that pursuing these goals without taking into account their impact on investors can make business expansion a slower and harder process than it needs to be.

That holds back the progress of the Gulf states toward becoming attractive locations for global business, regardless of oil revenues.

The Gulf opportunity is large, but it is time-bound. Now is the time to take advantage of the region’s short-term attractiveness to become a long-term global magnet.

The writer is the MENA Advisory Leader at EY and is one of the authors of EY’s latest thought leadership on the four big drivers of policy in the GCC.