The Middle East

Jordan has begun ramping up efforts to increase foreign investment into the kingdom and is looking farther afield than usual to do it. With the IMF revising down its economic growth projection for the Middle East and North Africa (MENA) region from 4.6% in January to 4.1% on April 11, Jordan has held meetings with business leaders from the US, Russia, China and even Azerbaijan in the last month to encourage investment. The IMF also predicted that Jordan’s economic growth this year would be 3.3%, down from its October 2010 estimate of 4.2%.

Kuwait’s ambition to become a leading trading centre for the region took a step forward earlier this month, when the foundation stone for the new Mubarak Al Kabir port was laid, at a ceremony attended by Emir Sheikh Sabah Al Ahmed Al Jaber Al Sabah.

While the Kingdom may be transitioning away from domestic wheat production, Saudi Arabia is stepping up efforts to ensure food security by increasing imports and investing in agricultural projects overseas.

Cruise ship passenger arrivals at Port Sultan Qaboos in Muscat are expected to reach a record 231,100 for the 2010/11 fiscal year ending in June – a year-on-year increase of 72%. The total number of cruise ship visits to the port is also forecast to increase to 94, up from 78 in 2009/10.

The Kingdom is targeting both foreign and local holidaymakers as the government and private segment seek to increase visitor numbers and expand revenue streams in an increasingly busy tourism sector.

While health and safety is at the core of Abu Dhabi’s initiative to close villa schools, the push will also have positive knock-on effects for the local construction sector by creating opportunities to build educational facilities to replace them.