The Middle East

Public spending is scheduled for a major boost in Saudi Arabia, with education, housing and social measures being specifically targeted by a new economic stimulus and support programme.

The recent opening of two hypermarkets in Oman, adding more than 33,000 sq metres of shopping space, has been a welcome boost to the retail sector, alongside new moves to protect the rights of consumers.

A proposal to merge the operations of the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) appears to be gaining momentum, with stock market officials discussing a plan that could result in the creation of a powerful regional bourse better positioned to compete with nearby rivals and larger international operators.

Although it is a relatively newcomer to the local economy, Abu Dhabi’s aerospace industry is proving admirably nimble in its development. As part of the emirate’s long-term development plan, Economic Vision 2030, which was released in early 2009, policy experts highlighted aerospace as one of the many areas in which they envisage future growth, with this expected to play a key role in efforts to diversify the economy away from its traditional mainstay, hydrocarbons.

Looking to boost investment in its key industrial sector, Sharjah is broadening the scope of its promotional activities, with these aimed at showcasing local manufacturers and the opportunities on offer in the emirate.

Despite sluggish global market conditions, banks in Ras Al Khaimah are showing strong returns. The National Bank of RAK (RAKBANK) posted a net profit of Dh1bn ($272.3m) for 2010, a 38.1% increase over 2009, according to year-end results released on January 30.