TAG: The Middle East
Leveraging its strategic location, Oman has invested in infrastructure with the goal of becoming a global logistics centre. While the country is less hydrocarbons-rich than its GCC neighbours, diversification efforts are a driving force behind its economic growth. The sultanate’s long-term development strategy, Oman Vision 2020, emphasises industrialisation, privatisation and Omanisation, and resulted in a real GDP growth rate of 3.3% in 2015. At the same time, foreign direct investment inflows have risen from $739m in 2014 to an estimated $822m in 2015.
Bahrain has continued to offset the effects of the drop in oil prices with a host of measures, including moves towards subsidy reduction. A series of big-ticket projects are under way in a number of sectors and the government is pushing ahead with its all-important diversification initiatives, with a $32bn investment strategy fuelling activity across a variety of areas of the economy. Ongoing investment in the energy sector is expected to help boost the economy in coming years, particularly in terms of enhancing refining and providing a reliable supply of fuel for heavy industry.
Among the most diversified economies within both the UAE and the GCC, Sharjah has long played an important cultural and economic role in the region. Home to three free zones, 16 museums and a number of annual festivals that attract visitors from around the world, the emirate continues to perform in the realms of commerce and culture. Sharjah has developed strong manufacturing, tourism and logistics industries, among other non-oil sectors.