The Middle East

It has been an uneven year for Jordan’s tourism industry, with rising earnings yet declining visitor numbers. Both are reflections of the kingdom’s growing market, but also of the hovering uncertainty in the region and the impact it is having on visitor confidence.

With demand for cement in Ras Al Khaimah (RAK) poised to rise and regional projects already driving up exports, there are signs that the industry could be turning a corner.

On November 10, the Mein Schiff 2, an ocean liner owned and operated by Germany-based TUI Cruises, docked at Bahrain’s Khalifa Bin Salman Port (KBSP), marking the opening of the new cruise tourism season. Government officials and companies in the tourism sector are hoping for a much-improved year, following the difficulties experienced through the 2011/12 season.

A landmark return by Turkey to investment grade territory following an 18-year hiatus has brought fresh confidence to the country and could pave the way for a new era of investment.

Increased crude production in Saudi Arabia, combined with rising oil prices, has put the Kingdom on track to generate record annual revenues for the sector, with recent figures from Riyadh-based Jadwa Investments indicating that income could reach a yearly high of $288bn for 2012.

The local real estate sector continues to send out mixed messages. While Kuwait’s residential segment is clearly on the rise, other components of the market are struggling to rebound from the downturn in the property market in 2009 and, more recently, domestic political concerns.