The Middle East

With food security becoming an increasingly important issue globally, and in the arid Middle East in particular, Dubai appears to have positioned itself to play an important role in meeting the most basic needs of the region, having emerged as a major processing and food re-exporting centre.

Stepping up efforts to capitalise on its hydrocarbons wealth, Oman is boosting its downstream industrial capacity by expanding the petrochemicals sector and providing the fuel stocks needed to power other industries. However, the success of this programme still pins much of the country’s economic growth on its oil and gas resources.

Ras Al Khaimah’s (RAK’s) tourism sector continues to exceed expectations, with visitor arrivals well up on forecasts and overseas investment flowing in. However, the emirate faces stiff competition in a crowded market to develop brand recognition.

Following the significant increase in non-oil merchandise trade in 2011, market participants in the local transport and logistics sector appear to be preparing for a continued rise in activity in 2012, with one Abu Dhabi-based shipping firm recently investing $44m in a new vessel.

Officials remain confident of solid economic growth this year, although there are concerns that domestic and regional unrest will leave the kingdom falling short of its objectives for 2012.

The Kingdom has edged one step closer to developing a viable alternative energy infrastructure with its implementation of a solar energy project in the Awali Township of Manama. The 5MW, utility-scale photovoltaic solar facility was arranged as a joint venture between the National Oil and Gas Authority (NOGA), the Bahrain Petroleum Company (BAPCO), Caspian Energy Holdings and Petra Solar.