The Middle East Industry

These are exciting times for Turkish car manufacturers, who are riding a wave of growth thanks to a weak lira, increasing investment in research and development (R&D) and foreign firms’ boosting of local production. In a sign of the local industry’s growing maturity, one domestic investment firm is now the frontrunner in the takeover of an ailing European car manufacturer.

Small and medium-sized enterprises (SMEs) play a growing role in RAK’s economy, enjoying government support and benefitting from continued upgrades to the local infrastructure.

With a recent milestone achieved in aluminium production and major expansions planned in the steel sector, Oman is becoming an increasingly prominent player in the global metals industry.

Saudi Arabia’s petrochemicals industry is about to get a massive boost, with a new $20bn plant in the works and extensive state spending on infrastructure set to further improve the nation’s logistics backbone. Before the full benefits are realised, however, the sector may have to endure a down period as the recovery of the global economy continues to falter.

Abu Dhabi is looking to increase the role industry plays in its burgeoning economy, stepping up investments in leading manufacturing sectors with an eye to building export markets in the medium term and laying the foundation for a more advanced industrial base in the longer run.

From Saudi Arabia to Qatar, governments across the Gulf region are ramping up spending on building projects, with this likely to generate a host of opportunities for Ras Al Khaimah’s construction materials industry, a mainstay of the local economy.