The Middle East

Higher income levels, together with greater choice for consumers and changes in shopping patterns, are set to drive growth in Qatar’s retail sector, despite mall operators finding themselves in an increasingly competitive marketplace.

Major investments are underway in Bahrain to reinforce the electricity grid and broaden distribution as the kingdom tries to keep up with increasing demand for power. 

Major investments in agri-businesses this year look set to help Oman improve food security and develop an export capacity in processed foods from its new hub in the northern port city of Sohar. The expansion will also produce spin-off benefits for the freight and packaging sectors. 

Looking to capitalise on its reputation for healthcare, Dubai has set its sights on expanding the medical tourism sector with a target of half a million health and wellness visitors by 2020, boosting the economy with a fourfold increase in revenues from this segment.

Despite a sharp downturn in oil prices in the latter part of the year, Abu Dhabi’s economy maintained its solid pace of growth in 2014. Strong fiscal reserves, a low breakeven price of oil and an increasingly diversified economy should ensure expansion is maintained in 2015, though possibly at a slower rate than in past years. 

It has been something of a tumultuous year for Qatar’s capital markets. The 12 months saw two major country upgrades, moves to change the rules on foreign ownership, a very successful IPO, a move towards dual listing, ETFs, margin trading and short selling – all underscored by some strong growth in securities, coupled with a bolstering of bonds.