The weakening of the lira could herald further problems for the cooling Turkish economy, with growth forecasts being scaled back and an expanding trade deficit taxing government efforts to keep interest rates low and inflation under control.
The Middle East
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Recent rate cuts and additional international funding should boost bank lending in Jordan, with micro, small and medium-sized enterprises (MSMEs) in line to benefit from the increased loan availability. However, lingering concerns over regional instability and rising debt levels could influence commercial lenders’ willingness to extend credit lines.
Economic update | Dubai focuses on Islamic finance as part of its economic diversification strategy
2 Sep 2013
Plans to establish Dubai’s credentials as a centre for Islamic finance took a step forward in July with the opening of a new academic institution to train professionals for employment in the sector.
With solid growth in arrivals projected for the next few years, Oman is preparing to accommodate an increase in demand with new hotel developments.
Government investments in the transport sector are set to expand capacity at Kuwait’s ports over the next several years. Progress is being made on the new Mubarak Al Kabeer (MAK) port, while other infrastructure projects – including a 36-km causeway that will link Shuwaikh Port with Boubyan Island – are moving ahead.
With a rule requiring Abu Dhabi government employees to live within the emirate set to come into effect in September, demand for residential real estate is expected to climb. However, certain segments of the market – particularly at the low end – remain soft.