As part of plans to expand and diversify its global trade partners, the GCC has launched negotiations with the UK on a free trade agreement that is expected to bolster the bloc’s economy, help attract investment and provide greater opportunities for local businesses.
As oil prices reach 7.5-year highs, a number of countries in the Middle East have unveiled fiscal measures designed to balance their budgets after two years of pandemic-related spending.
What must banks consider when adapting their organisation and activities to environmental, social and governance (ESG) principles?
On the back of higher oil prices and a stronger global economic environment, the Middle East returned to growth in 2021, with a number of governments taking the opportunity to implement long-term plans aimed at diversification and modernisation.
Bahrain entered the pandemic with the most diversified economy in the GCC, which meant it was not overly susceptible to the sharp drop in the oil market.
With Saudi Arabia announcing plans to raise $55bn through its privatisation programme, Gulf countries are stepping up efforts to stimulate private investment in public assets and projects, with a view to strengthening state finances, spurring diversification and driving their respective Covid-19 recoveries.
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