The Middle East

The kingdom’s current economic model is highly integrated with its ability to trade with its neighbours, a model that, thus far, appears to be working well. Despite less than favourable economic headwinds, the World Economic Forum’s (WEF’s) “Global Competiveness Report” for 2012-13, ranked Jordan 64th out of 144 countries surveyed, rising seven places over the previous year.

Whilst the economy is surging on the back of higher-than-forecast oil prices that are swelling the state coffers, concerns remain over the state’s long-term prospects.

The successful launch of the world’s largest-ever, dollar-denominated Islamic bond is a notable milestone in the rise of Qatar’s sharia-compliant finance industry. An ambitious infrastructure investment programme and growing per capita wealth are supporting the growth of Islamic financial services, as the authorities look to continue regulatory reform.

Helping to lead the way in a number of burgeoning Iraqi industries, Turkish firms from the energy extraction, commerce and construction sectors are investing and expanding in Iraq. And though recent events have put a bit of strain on the relationship, Turkey remains the country’s largest trading partner, as demonstrated by Turkish exports nearly tripling since 2007.

The Omani government is working to address unemployment by putting $1bn toward job creation after seeing higher-than-expected returns on oil in the first half of 2012.

The already busy glass industry in Ras Al Khaimah (RAK) is set to expand even further in 2013 with yet another overseas company setting up production facilities in the emirate. Indeed, RAK’s central location and low costs have become desirable for numerous companies looking to set up in the region.