The Middle East

While Kuwait has to date played a relatively small role in the fast-growing global market for sukuks, or Islamic bonds, this could change, should lawmakers develop and implement a more robust legal framework to regulate the issuance of sharia-compliant debt.

Oman’s insurance industry is about to experience a major shift in direction, with sharia-compliant products, such as takaful, set to be launched onto the market. This is part of a broader programme of reforms that are opening up the financial sector to Islamic insurers and banks.

The face of Abu Dhabi’s oil industry could be set for a major makeover, with long established international operators facing increased competition for existing concessions and new contracts due to be agreed in coming years. In particular, energy-hungry Asian states are queuing up to gain access to the emirate’s oil fields.

A series of ongoing development programmes in information and communications technology (ICT) have resulted in rapidly improving technology indicators across the board in Qatar. With guidance from the Supreme Council of Information and Communication Technology, known as ictQATAR, the government’s industry regulator, the sector is primed to see future growth under a new national broadband network and development strategy.

Qatar’s economy is set to post near record high growth again this year, after leading the world in 2010, though there are some concerns that this rapid expansion could lead to overheating. Meanwhile, Doha will be keeping a wary eye on the economic health of its major trading partners.

Kuwait’s sovereign wealth fund is taking significant steps toward increasing its presence in China, establishing a representative office in Beijing with the aim of capitalising on the Asian giant’s rapid economic progress and rising demand for energy.