The Middle East

The outlook for Kuwait’s banking system over the next 12-18 months remains stable, according to a recent report by Moody’s Investors Services. Asset quality has improved markedly since the days of the global financial crisis, and lenders are well capitalised. However, the country’s lenders face other challenges, most notably a sluggish economy that has left demand for loans – particularly on the corporate side – limited.

With pay rises across both the public and private sectors in Oman producing higher levels of consumer spending, some analysts are now revising their forecasts upwards for the Sultanate’s retail sector in favour of solid growth.

As the first emirate to introduce a compulsory medical insurance scheme for expatriate workers in 2006, Abu Dhabi has long been a leader in the health care sector. Since then, the Health Authority – Abu Dhabi (HAAD) has continued to implement changes to improve the health insurance system.

Saudi Arabia’s economy, already robust after posting growth of 6.8% last year, seems set for a period of sustained expansion, with state-backed investments and higher-than-projected hydrocarbons earnings contributing to the Kingdom’s strong performance.

The industrial sector in Ras Al Khaimah (RAK) has continued post significant growth in recent years, thanks to a favourable business environment and prudent regulation.

Qatar is having marked success in broadening the scope of its tourism industry, attracting an increasing number of business visitors along with a rising tide of tourists coming to enjoy the country’s long list of scheduled events.