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As the emirate celebrates its victory in the bid to host World Expo 2020, infrastructure and transport development is expected to attract significant investment over the next few years. GDP growth reached 4.9% in the first half of 2013, the strongest result for the January-June period since 2008. Trade, the strongest of the emirate’s economic foundations, continues to grow, with non-oil foreign trade increasing by almost 10% over the first three quarters of 2013, totalling some $275bn. There are concerns that the circumstances that led up to the post-2008 boom-bust cycle are reappearing, however, measures have already been taken to prevent or at least dampen the kind of speculative fever that laid the emirate low four years ago. This chapter contains interviews with: Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry; and Sami Al Qamzi, Director-General, Department of Economic Development.

The sector appears to have largely recovered from the 2008-11 economic crisis, with the first half of 2013 seeing net profits in the UAE’s banking sector rising 20% to $3.7bn, while total assets grew 8% to $517bn during the same period, although there are a number of risks that remain outstanding. The introduction of new regulations has helped to improve overall stability in the real estate market, with the Dubai Land Department doubling the transaction fee for freehold properties to 4% in order to discourage speculation in the real estate sector. Remittances offer significant opportunities due to the emirate’s large expatriate population, while high credit card penetration also creates ideal conditions for e-commerce growth. This chapter contains interviews with Sultan bin Nasser Al Suwaidi, Governor, Central Bank of the UAE; Hesham Abdulla Al Qassim, Vice-Chairman, Emirates NBD; and Peter Baltussen, CEO, Commercial Bank of Dubai.

With the global tourism industry hit hard during the financial crisis and growth slowing in larger markets, international hotels and tourism experts are looking at new opportunities for expansion. Capital investment is set to rise by 7.6% in 2013 to $1.89bn. Internationally branded hotels dominate the market, with several new projects in the pipeline for Lagos and Abuja in particular. Business travellers and visitors working in the oil and gas sector or supporting services are key contributors to the travel industry. While the Nigerian market has its share of challenges, including security concerns, limited infrastructure and a complex visa process, tourism has strong growth potential. This chapter contains an interview with Hassan Ahdab, Vice-President, Regional Director Africa and Indian Ocean Island, Starwood Hotels and Resorts Worldwide.

Strong growth in both equities and bonds in 2012, driven by foreign portfolio inflows that more than tripled from $5bn in 2011 to $17bn in 2012, according to the World Bank, cast off the long shadow of the 2008 financial downturn. With liquidity returning, authorities are planning to deepen and diversify the markets through reforms and the launch of new products. While Nigeria remains exposed to international investors’ risk-on, risk-off switches, a growing pool of domestic investors is returning to the equity market for the first time since 2008. With relatively new management enacting key structural reforms to deepen the markets, the private sector should find more alternatives to meet its growing need for capital. This chapter contains an interview with Oscar Onyema, CEO, Nigerian Stock Exchange, and a viewpoint from Wale Agbeyangi, Managing Director, Cordros Capital.

OBG’s partner Curtis, Mallet-Prevost, provides a detailed review of the rules and regulations that are applicable to foreign entities doing business in Oman, covering current trends and possible legislative changes. This chapter contains a viewpoint from Bruce Palmer, Managing Partner, Curtis, Mallet-Prevost in Oman.