The Middle East

Qatar is taking definitive steps to refine its education system, increasing the focus on preparation for employment in a knowledge-based society as the government works to boost job opportunities and diversify the economy.

The Kuwaiti government has approved a four-year economic development plan that, if successfully implemented, could boost public and private spending and lessen the economy’s dependence on oil.

Investors on the Amman Stock Exchange (ASE) received a much-needed fillip recently when the government announced plans to step in to help some local companies that are facing financial difficulties.

Several leading Omani banks have recently moved ahead with plans for large bond issues, with this underscoring the broader confidence in the banking sector at a time of sustained high oil prices and positive economic growth.

Thanks in large part to the number of hydrocarbons expansion projects that have taken place over the past few years, Qatar is expected to see sustained economic growth for the foreseeable future. According to an economic bulletin released by Saudi Arabia’s Samba Financial Group in late March, the country could see GDP growth in excess of 19% by the end of 2011. Similarly, nominal GDP is forecast to grow by 22.4%, from $122.3bn at the end of 2010 to $149.7bn by the end of 2011. These gains can be attributed primarily to the country’s rapidly expanding energy sector, which saw growth of nearly 36% in the third quarter of 2010, due to increased production and rising oil prices.

Having ridden out the global economic downturn, the IT industry looks set to continue its impressive expansion in Dubai, though it will have to deal with increased competition from within the region as well as further afield – especially Asia – as it seeks to attract new investors and clients.