The Middle East

Thanks to growing global demand for plastics in 2011, Kuwait’s petrochemicals companies reported improved financial results last year. Moreover, the sector looks set to expand, with the government investing in new facilities and taking steps to ensure that the industry has a sufficient supply of natural gas.

The recent announcement of plans for the establishment of new free trade agreements (FTAs) with Malaysia and South Korea in the first half of 2012 will likely lead to a significant increase in trade between Turkey and East Asia.

The recent ranking of Amman as one of the world’s top cities for internet start-ups has highlighted Jordan’s success in the IT sector. The list, compiled by Rachid Sefrioui, the founder of venture capital firm Finaventures, ranked 10 cities on the basis of availability of talent, infrastructure and capital, legal environment and evidence of entrepreneurship.

With initial public offerings (IPOs) set to inject much needed capital into the sector and a new independent authority ready to promote transparency and oversee expansion, the Omani banking sector looks set for a period of further development.

Seizing opportunities to build its position as a global centre for ICT, Qatar is focusing on niche markets where there is currently a lack of content and services.

Dubai’s economy is expected to post solid growth in 2012, with the emirate’s manufacturing industry tipped to be one of the key contributors. The rate of growth, however, will likely depend on how international markets withstand the fallout from the European debt crisis and other destabilising factors.