The Middle East

Jordan’s economy has entered 2011 in strong shape, having posted solid growth over the past 12 months and looking to do even better in the coming year, though progress has been patchy in some areas and there are more than a few potential potholes further down the road.

The outlook for 2011 is one of correction and consolidation for Sharjah’s real estate sector. The market should slowly start to pick up, though recovery is expected to be modest in the shorter term before gaining momentum.

Dubai’s construction sector is still dealing with the fallout of the global recession. Some segments are experiencing gathering momentum while others may have to look beyond 2011 before demand picks up and confidence returns.

This year Kuwait’s economy has stabilised, allowing the country to look forward to a period of renewed growth and dynamism. Following a 4.6% contraction in GDP in 2009, the picture for 2010 and beyond looks significantly brighter. In September the ratings agency Moody’s Investors Services predicted that the economy would grow by 2.1% and 4.5% in 2011. Much of this is attributable to a rebound in demand, and consequently prices, for oil.

Jordan’s Ministry of Planning and International Cooperation (MOP) has released its Executive Development Programme (EDP) for 2011-13, with JD6bn ($8.4bn) to be distributed among 24 different economic sectors.

Saudi Arabia’s insurance sector is set for changes in 2011 with the implementation of a law mandating health insurance for all private sector employees. While just one aspect of the rapid pace of change in the sector, the expansion is likely to create a deeper and wider presence for insurers in the Kingdom.