Vision 2020’s economic diversification mandate has seen Oman’s industrial segment expand rapidly in recent years, with the non-oil sector expanding by 7.6% in 2013. The strong growth being witnessed in the petrochemicals, aluminium, steel and mining segments is expected to continue with government investment in the industrial sector projected to reach $517.88m between 2014 and 2020. Sohar,...
The Middle East Industry
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Although the sultanate’s petroleum wealth has traditionally provided a backbone for growth, efforts are well under way to diversify away from hydrocarbons. Oman Vision 2020 has laid out plans to boost industrialisation within the sultanate and to encourage the private sector to take a more active role in the economy and in the provision of jobs, both of which are billed as key drivers for growth.
In 2014 Jordan’s population reached 6.64m, as regional turbulence saw an influx of refugees from neighbouring countries. Jordan, however, remains stable as it pushes ahead with the political reforms announced in 2011. The economy continues to revive following the global economic downturn, while government commitments to tackle structural issues in the economy bode well for future growth.
Efforts to diversify the economy away from hydrocarbons have helped drive industrial development. Non-oil GDP saw 10% growth in 2012, and during the 2006-12 period, manufacturing made up an average of 6.4% of GDP a year. Land, transport and electricity prices are currently the main challenges in growing this sector, but efforts are being made to overcome these issues. In early 2013, the...
Kuwait accounts for approximately 6.1% of the world’s proven oil reserves, with hydrocarbons revenues comprising more than 65% of the country’s GDP and 95% of total exports in 2013. Cautious budgetary decisions have resulted in large surpluses, creating a solid base for public expenditure programmes such as the National Development Plan, which is set to diversify the economy and boost employment.
Home to an estimated 15.9% of the world’s proven oil reserves, Saudi Arabia is the single largest economy in the Middle East and North Africa. According to the Ministry of Finance, real GDP grew by 3.8% to $746bn in 2013. While oil income is expected to continue to account for the majority of government revenues for the foreseeable future, the non-oil sector has expanded significantly in recent decades growing 9.3% in 2013.