The Middle East Economy

Ramped-up investment programmes and solid private sector expansion helped sustain Bahrain’s economic growth in 2015, albeit at a slower pace than in previous years.

The year was led by solid performance in established sectors of the economy, including financial services, transport, manufacturing and construction, which helped Dubai weather the knock-on effects of lower oil prices throughout 2015. 

Despite falling energy prices, 2015 proved to be another year of healthy economic growth in Abu Dhabi, with both the non-oil and energy sectors targeted for further investment. 

Solid performance in the non-oil sector of the Omani economy steered the country towards relatively sound growth in 2015, with the financial services industry in particular helping to cushion the blow of lower energy prices.

The need for economic diversification was underscored this past year as the Kuwaiti economy came under pressure from lower oil revenues.

Falling oil revenues and an expanding budget deficit were the hallmarks of Saudi Arabia’s economic activity in 2015, as heavy investment in development projects widened the Kingdom’s spending gap.