The Middle East

A new law in Oman that makes an exception for businesses hoping to list a smaller share of their companies on the Muscat Securities Market (MSM) will likely be passed by the end of the year.

Turkey’s second-quarter GDP growth, released by the central bank on September 11, surprised on the up side, with an 8.8% year-on-year (y-o-y) rise that easily surpassed the 6.4% expected by the market. Growth is down from the 11.6% posted in the first quarter, however, and a looming slowdown in the eurozone has many concerned about Turkey’s exposure.

Having established itself as the world’s leading supplier of liquefied natural gas (LNG), Qatar is now looking to bring a new processing facility online to support a projected jump in local industrial activity.

Saudi Arabia has boosted oil production to near record highs, reaching levels of output and exports not seen since before the global economic crisis. According to official data issued in mid-August by the Joint Organisation Data Initiative (JODI), Saudi Arabia increased its crude oil production from 8.89m barrels per day (bpd) in May to 9.76m bpd in June, with overseas shipments averaging 7.38m bpd, the highest since October 2008.

Abu Dhabi’s construction industry is shifting its focus from residential and commercial development, which has long dominated the trade, to a rising number of infrastructure projects. However, supply pipeline bottlenecks could cause costs to rise and delay the rollout of some plans.

With a recent increase in oil production and global crude prices above $100 per barrel, Kuwait is expected to run a substantial fiscal surplus in 2011 thanks to its hydrocarbons export revenues. But the country is looking beyond the market for crude oil and investing in refineries both at home and abroad.