Estimated to possess some 6% of the world’s proven oil reserves, Kuwait’s oil and gas industry promises to play a critical role in the economy for years to come. The nation is not however resting on this alone, and it is now pursuing a programme of economic diversification that is set to re-energise the private sector. The Kuwait Development Plan is a $107bn, 20-year programme aimed at achieving...
The Middle East
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Chapter | Country Profile from The Report: Kuwait 2013
Oil production retains its key role in the economy, however plans are under way to encourage diversification away from hydrocarbons towards an economy that is more knowledge based. The political climate has been characterised of late by a number of disputes, often resulting in either the resignation of the government or the dissolution of parliament, which has contributed to the slow progress of some projects.
Demand for residential and retail real estate in Qatar remains strong, largely as a result of demand outstripping supply. However, over the longer term, new space – particularly in retail – is set to come onto the market and will likely soften prices.
The crisis in Syria is weighing heavily on the Jordanian economy. While the cost of supporting some 500,000 registered refugees is perhaps the most obvious challenge for a government with serious budget constraints, the impact of events across the border extends to multiple areas of the economy, from an increase in food prices to trade route disruptions.
With rising demand for residential units starting to match interest in commercial space,
Kuwait’s real estate sector appears set to see greater activity in the second half of the year. However, high prices and a shortage of supply in some segments may put a dampener on sales growth.
Economic update | Oman’s cement market firming up
7 Sep 2013
While cement manufacturers in Oman are expanding operations to meet new domestic and international demand, they continue to face a challenging business environment due to intense foreign competition. However, the outlook for future growth remains positive as the government rolls out infrastructure projects as part of its current five-year economic development plan.