The Middle East Economy

The top economic and business highlights from Abu Dhabi in the third and fourth quarters of 2016.

As countries across the GCC faced revenue pressures due a lower oil price environment, Oman balanced reduced public spending with economic diversification efforts to keep growth on a positive trajectory.

With state revenues significantly impacted by lower global oil prices, the Kuwaiti government has intensified efforts to enact reforms aimed at increasing foreign investment, supporting economic diversification and reducing state subsidies.

While low oil prices weighed heavily on many of Dubai’s trading partners and neighbours, the emirate delivered a strong economic performance in 2016, buoyed by growth in key non-hydrocarbons segments, which provided an important buffer against external challenges.