The Middle East

The information and communication technology (ICT) sector is looking to further expand its reach across the region, with the giant Saudi market firmly in its sights -- though there have been suggestions that the congested domestic industry needs to consolidate to better equip it for overseas conquest.

As the pension sector in Turkey prepares for upcoming regulatory changes, moves are under way in the private sector to transfer the pension departments of banks into more independent segments. Both of these developments are promising, given that they may lead to an increase in the domestic savings rate, which is currently low.

The introduction of measures aimed at updating and expanding the rules on takaful (sharia-compliant) insurance in Bahrain is expected to aid the segment’s efforts to make inroads into the market share currently held by conventional insurers.

As Kuwait moves to ramp up oil production, it is preparing to take advantage of rising demand in Asian markets and stable oil prices. However, there are concerns that the country could be draining off its hydrocarbons reserves quickly and spending too much on subsidies and social support schemes and not enough on investments.

The value of real estate transactions in the sultanate increased by nearly 60% year-on-year in the first five months of 2012, hitting $2.1bn in that period, with the market displaying significant demand for industry- and logistics-related facilities as well as luxury residences.

The emirate’s education system is in the midst of a major overhaul, one aimed at making the school system more responsive to the needs of students in a changing community. The new system will reflect evolving social, economic and cultural trends, with English coming to share the platform with Arabic as the language of learning.