The Middle East

Dubai is to change the way it powers itself, having announced a long-term plan to diversify the emirate’s energy sector away from dependence on imported gas and towards a broad-based mix of fuels for its power stations. However, that energy security could come at a cost.

Jordan’s massive stores of oil shale have been the topic of much discussion lately, with investors keen to help the kingdom harvest the energy locked in the layers of rock underfoot.

The volume of trade between Turkey and the US is increasing, as the two countries strive to improve commercial ties despite occasional strains in political and military relations. US officials and private sector groups are promoting Turkey to American businesses as a growing economy in a strategic location with a massive labour force.

While the world economy is still plagued by uncertainty, Kuwait’s continues to grow, supporting the country’s medium-term development plans. In September, the International Monetary Fund (IMF) lowered its forecast for 2011 global growth to 4%, taking into account the eurozone crisis and US debt, but announced that it expected 5.7% growth in Kuwait.

The RAK Investment Authority (RAKIA) licenced 800 new companies in the first eight months of 2011, a 31% increase from the same period last year, according to Alex Thomas, RAKIA’s general manager of marketing. Most of the new licences were for manufacturing firms, and the number of trading and transport licenses was also up, Thomas said.

A new law in Oman that makes an exception for businesses hoping to list a smaller share of their companies on the Muscat Securities Market (MSM) will likely be passed by the end of the year.