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.
Dubai’s Department of Tourism and Commerce Marketing (DTCM) expects an influx of visitors by the turn of the decade, and these projections are helping to drive the construction of theme parks, hospital wings, shopping malls and several new hotels. Dubai announced total international visitor figures of 14.2m for 2015, an increase of 7.5% on 2014, and became the fourth-most-visited city in the...
The emirate of Dubai, by virtue of being less generously endowed with hydrocarbons than its regional neighbours, has worked hard over the past several decades to develop a wider, more diversified economic bedrock to power growth. As a result the emirate has several sectors whose growth is not wholly contingent on hydrocarbons revenues, and which continue to prosper in the current environment.
The fall in oil prices led to significantly reduced government revenues for Kuwait in 2015. Despite this the country’s 2016 spending remained largely in line with previous years as the government opted to draw on its considerable financial buffers to help make up for budgetary shortfalls.
Backed by a coordinated government strategy and strong investments in key economic enablers such as infrastructure, Qatar’s tourism industry continues to grow at a steady clip. Since 2010 Qatar has seen arrival numbers rise more than 72% to reach 2.93m in 2015. The sector’s economic contribution hit QR39.5bn ($10.8bn) in 2014, and mid-2015 estimates projected 2015 growth at 6.6%, according to...
With the fall in oil prices underlining the dangers of an over reliance on hydrocarbons revenues, Qatar has continued to forge ahead with its economic diversification drive in 2016. Non-hydrocarbons growth now outstrips hydrocarbons growth, with several big-ticket construction projects, an increasingly dynamic financial services sector and a growing reputation as a tourist destination all fuelling non-oil expansion.
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