The Middle East

The year was led by solid performance in established sectors of the economy, including financial services, transport, manufacturing and construction, which helped Dubai weather the knock-on effects of lower oil prices throughout 2015. 

Late 2015 marked a major step forward for the world’s largest greenfield maritime development – Hamad Port, outside of Doha, where partial operations, including roll-on/roll-off, livestock and heavy equipment cargoes, began on December 24. 

December’s news that oil and gas prices were descending below their recent historic low inched up the pressure on the government budget. With many major new infrastructure projects rolling out or in the pipeline, too, alongside the ordinary demands of state, the hunt for alternative sources of financing is on in earnest.

Despite falling energy prices, 2015 proved to be another year of healthy economic growth in Abu Dhabi, with both the non-oil and energy sectors targeted for further investment. 

Solid performance in the non-oil sector of the Omani economy steered the country towards relatively sound growth in 2015, with the financial services industry in particular helping to cushion the blow of lower energy prices.

The need for economic diversification was underscored this past year as the Kuwaiti economy came under pressure from lower oil revenues.