Nairobi, March 28 -- Oil-producing Middle East countries supply about 30 percent of global oil, a market share that has enabled the countries to accumulate massive revenue surpluses saved in sovereign wealth funds.

The United Arab Emirates (Dubai, Abu Dhabi), Qatar, Saudi Arabia, and recently Oman have embarked on specific plans and projects to transform their countries into major global economic players as they diversify away from oil-based economies.

Specifically, Dubai has already succeeded in creating first-class free trade zones, a concept the country adopted in the early 1980s, and which other regional oil neighbours are now adopting.

The urgency to transform Middle East oil economies is mounting as green transition away from oil...