The Middle East

Record growth in the Islamic financial services (IFS) segment in 2012 firmly cemented Saudi Arabia as a global leader in the industry. However, while the segment looks set for further growth several industry leaders have called for greater regulatory uniformity across global markets.

A landmark flight from Baghdad that touched down in late February at Kuwait International Airport looks set to usher in a new era of stronger economic ties between the two Gulf neighbours. The resumption of direct air-travel between Iraq's capital and Kuwait, which is building on a steadily rising flow of traffic between the two countries, spells good news for business leaders.

A new deal between local telecommunications firms and the Turkish government is expected to see the introduction of a new 4G network in Turkey by 2016. This move has been hotly anticipated by telecoms operators, as they will be able to expand their services and offer new products that take advantage of the improved network speeds.

Solar energy looks set to play a growing role in Oman’s energy mix as the Sultanate moves to address the two-fold challenge it faces of meeting rising demand for electricity while reducing state support for the power sector.

A surge of interest in new property developments in Dubai has almost inevitably prompted concerns with respect to the sustainability of the sector’s recovery, recalling the bubble in 2008. However, most old hands in the industry believe investors, regulators and developers have all learned some important lessons from the crash in the sector five years ago, and that the heightened activity signals a the continuance of a rebound that began around a year ago.

A government decision to access funding via the bond market could pave the way for banks to increase lending to the private sector.