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.
Plans for increased spending on infrastructure developments are set to support further growth in Bahrain’s industrial sector via improved transport links and the construction of new large-scale facilities. However, falling oil revenue may impact funding availability for some capital works, potentially cooling long-term prospects in the sector.
Asia remains a key driver of growth for Qatar’s petrochemicals sector, with demand from the region fuelling investment and expansion projects. However, the long-term outlook is less certain after the cancellation of the $6bn Al Sejeel petrochemicals plant, one of the megaprojects targeted to come on line by the end of the decade.
Economic update | Saudi Arabia powering up
18 Nov 2014
The first wave of state-backed solar power stations in Saudi were recently unveiled as part of a much larger commitment to diversify the Kingdom’s electricity generation capacity.
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.