Despite its diversified economy, Bahrain has nonetheless faced pressures in recent years as a result of the 2014-15 drop in global oil prices. However, a multibillion-dollar aid package from other Gulf states and an accompanying fiscal adjustment plan, as well as growth following a partial oil price recovery and a major oil and gas discovery, offer hope for an economic turnaround in 2019.
Following the global oil price drop in 2014, Oman – like the other GCC states – is pushing ahead with its long-term national development plans that seek to diversify the economy.
As hydrocarbons forms the backbone of Kuwait’s economy, the resurgence in global commodity markets bodes well for the future and has led to a renewed sense of optimism. The recovering market is also supporting the government’s diversification efforts under the auspices of the Kuwait National Development Plan, or New Kuwait.
Sharjah’s tourism sector benefits from a range of attractions, including its year-round warm weather, beaches, museums, proximity to Dubai’s shopping facilities and status as a regional cultural hub. The sector faced something of an oil price-related downturn in 2015 but has been showing signs of resurgent growth and is attracting substantial investment in the form of a range of...
Sharjah has long played an important economic and cultural role in the UAE, and boasts one of the most diversified economies by regional standards, with no individual sector accounting for more than 20% of GDP.
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