Despite ongoing economic pressures associated with the drop in oil prices, Oman’s diversification strategy and efforts to enhance wider revenue streams are beginning to bear fruit, as witnessed by continued growth in the non-oil sector despite dropping incomes and wider regional instability.
Despite high levels of government debt and the costs associated with hosting hundreds of thousands of refugees, Jordan’s economy has continued to demonstrate remarkable resilience in the face of ongoing regional instability. A raft of far-reaching reforms introduced in 2016, along with newly brokered international agreements, should help the kingdom continue along its slow but steady growth path in the years ahead.
Though it lacks the petroleum resources of many of its Arab neighbours, Jordan’s limited hydrocarbons have helped its energy industry become one of the most progressive and dynamic in the region. Development of renewable and nuclear energy is set to significantly boost domestic capacity and reduce the kingdom’s fuel bill in the coming years. The emphasis on renewables should help Jordan...
The drop in the price of oil since mid-2014 has had a significant impact on Saudi Arabia, which relies on the stuff for the vast bulk of state revenues – 73% by some estimates – and for around 40% of its GDP. While global demand remains high, the increasing supply of oil on the international market, much of it coming from Russia, US shale oil and Iran, has continued to push prices down. The...
2016 witnessed the launch of the Kingdom’s historic Vision 2030 and the accompanying National Transformation Programme, both of which call for a major overhaul of the state’s economic apparatus and envision a more open market framework and more dynamic, private sector-led growth moving ahead.
It has been 50 years since Dubai first struck oil in the Fateh field, but in 2016 the emirate’s determination to ensure it did not become dependent on petroleum wealth is paying dividends. Although the impact on its neighbours of lower global oil prices may have an indirect impact on Dubai’s fortunes in the years to come, in the immediate future its energy policies revolve around reducing...
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