TAG: The Middle East
Recent efforts by the Qatari government to diversify the economy have paid off in terms of helping the country weather the recent downturn in global oil and gas prices.
The story of Kuwait’s economy, like so many of its neighbours, has been dominated by oil and, before that, by pearling and fishing, so it is little surprise that Kuwait Vision 2035 draws on the country’s trading past to secure its future. Large-scale infrastructure projects and increased private sector participation in the local economy should help the country navigate challenging external economic conditions.
Like other countries in the GCC, Saudi Arabia is undergoing a period of deep economic transformation aimed at easing the pressure on government revenues imposed by a sustained period of low oil prices, while also increasing the contribution of non-oil industries to the national economy. To this end, the government has launched Vision 2030, a long-term policy plan focused on modernising the public sector, developing the country’s human capital and opening up to greater foreign investment.