As ongoing volatility continues to hamper growth in the region, Jordan has made significant progress in preserving macroeconomic stability and reducing its fiscal deficit in the past few years. Efforts to the fulfill the stipulations of a $723m extended fund facility agreement with the IMF continue, and the government may need to pursue more widespread reforms to increase income tax revenues and limit tax avoidance so as to sustain recent momentum.
Although Bahrain has faced economic headwinds in recent years, the modest recovery of oil prices in 2017 bodes well for the future in addition to the non-oil sector driving growth, with activities unrelated to hydrocarbons extraction forecast to expand by 3.9% in 2018.
Targeting improvements in domestic infrastructure as well as expanding the links between the kingdom, the rest of the Gulf region and further afield, Bahrain is investing heavily in its transport networks. Among the major ongoing developments is the Airport Modernisation Programme, launched in 2015 to cater for rising air traffic, with the aim of turning Bahrain International Airport into one...
Bolstered by steady investment from a government cognisant of its potential, Oman’s transport and logistics sector has continued to expand even as the impact of lower oil prices continues to be felt. The sector’s real growth rate registered at 1.1% in 2015 after rising 9.4% in 2014, giving it a value of OR1.7bn ($4.4bn), according to the latest available figures from Central Bank of Oman. It...
The effects of lower oil prices continue to be felt in Oman, with budget cuts and spending rationalisation still in evidence across the board. However, higher commodity prices in late 2017 and into early 2018 should provide a welcome boost to state revenues.
Over the past half-decade Dubai has risen into the upper echelons of the global maritime industry. In April 2017 it was named the fifth-most competitive maritime cluster in the world, and the 10th maritime capital overall by the Norway-based Menon Business Economics Group, which publishes a bi-annual report on the international maritime industry. The report measures various cities on...
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