The Middle East

Government officials are becoming increasingly concerned that Turkish exporters could face stiffer competition in their biggest markets due to a looming free trade agreement (FTA) between the EU and the US, a deal that could undermine Ankara’s Customs Union with Europe.

Despite holding substantial oil reserves, Kuwait is stepping up its efforts to develop alternative sources of energy. In mid-June the government announced it was inviting bids for the construction of Shagaya, a renewable energy park, as part of its plan to generate 15% of its electricity through non-oil sources by 2030.

A new index for Oman’s stock exchange is expected to provide a boost to the Sultanate’s nascent Islamic financial services sector and lead the way for additional sharia-compliant products.

Long a leader in the region’s insurance industry, Bahrain is now facing rising competition, although plans to make medical coverage mandatory for foreign residents could give a welcome boost.

With a strong existing market from business visitors, and a growing status among tourists from elsewhere in the Gulf, Qatar’s authorities are now focusing on developing a broader leisure industry.

While motor coverage is a low-profit line of business in many countries, Jordan has seen this segment of the insurance market make headlines in 2013, with industry players suggesting that without significant changes, the sector as a whole could face serious challenges.