The Middle East

Despite sluggish global market conditions, banks in Ras Al Khaimah are showing strong returns. The National Bank of RAK (RAKBANK) posted a net profit of Dh1bn ($272.3m) for 2010, a 38.1% increase over 2009, according to year-end results released on January 30.

Once again signalling the government’s intent to realign the local labour market, officials announced on February 8 that the Kuwaiti Manpower Restructuring Programme has targeted the placement of 20,000 citizens in private sector jobs over the next two years. The announcement comes at a time of growth, when the country and wider region are beginning to shrug off the effects of the global economic crisis.

With efforts to accelerate the pace of economic growth and boost domestic employment taking centre stage under the new government of Prime Minister Marouf Bakhit, a new law is under discussion that would focus state incentives more squarely on investments that add value, create jobs and make use of local resources.

Oman is pushing ahead with plans to deploy a nation-wide rail network, with this excepted to boost the economy by expanding logistics capacity and linking up the Sultanate’s ports and production centres.

While the Jordanian political landscape has been renewed, the new prime minister, Marouf Bakhit is expected to face a number of challenges confronted by his predecessor, Samir Rifai. Some argue he will have even less time to balance the necessity of reinvigorating the economy with the need to meet popular expectations.

Qatar’s retail sector appears well-placed for solid growth over the next few years, with prospects looking even brighter in the medium term as the economy is expected to gain further momentum as a result of the government’s investment programme and the feel-good factor leading up to hosting the 2022 FIFA World Cup.