The Middle East Economy

After years of discussions and document-drafting, Jordan is poised to introduce a new investment law which the administration hopes will play a key part in reinvigorating the economy.

Supporting the development of Oman’s small and medium-sized enterprises (SMEs) is regarded as a key method for boosting private sector employment levels and direct Omani involvement in the economy. With these goals in mind, government policy is being implemented to provide SMEs with additional funding and expertise, as well as to grant them wider access to government tenders.

As it looks to have its 18-year-old Customs union with Europe rewritten in mid-2014, Turkey says it is at a disadvantage under some terms of the agreement, in particular through trade pacts between the EU and third parties.

As the 2013/14 fiscal year drew to a close, the IMF expressed its optimistic outlook for Qatar for the upcoming year, following a recent visit. That report – combined with a cheery business sentiment survey from the private sector and a jump in 2013 profits for Qatar Exchange-listed firms – reflects refreshed momentum for the Gulf nation, despite ongoing global economic uncertainty and regional tensions, both in the Middle East and Europe.

The flow of foreign direct investment into Turkey picked up in the second half of 2013, and while the full-year figures were down, it appears external factors, rather than any cooling of the local economy, were the primary cause.

The government in Kuwait is weighing-up measures to rein in spending on subsidies and welfare programmes, responding to concerns that the national budget could slip into deficit by the end of the decade.