During previous oil booms, Gulf states were seen as squandering their wealth on wasteful and inefficient investments, building sprees and buying weapons, as well as handouts to citizens .
Gulf states appear to be working on diversifying.
Since the last oil boom that ended in 2014, four of the six Gulf states have introduced value-added tax and the UAE has gone further by starting a corporate income levy .
None of the Gulf states have an income tax.
Critics counter that it is in the oil exporters' interest to push that narrative, but oil states have pointed to the rise in crude demand that coincided with the removal of Covid-19 restrictions around the world.