As hydrocarbons forms the backbone of Kuwait’s economy, the resurgence in global commodity markets bodes well for the future and has led to a renewed sense of optimism. The recovering market is also supporting the government’s diversification efforts under the auspices of the Kuwait National Development Plan, or New Kuwait.
Oman has moved to diversify its energy mix with the commissioning of new renewables projects, while the partial privatisation of downstream services looks set to generate opportunities for both domestic and international investment.
Kuwait has sought to increase transparency and boost consumer confidence in digital banking by mandating that all service providers register on a central e-payments system, a development that is expected to unlock growth in the market.
Dubai’s diverse theme park offering is paying dividends, with rising footfall in the segment supporting increased tourism revenue, thereby offsetting slower growth in other areas of the sector.
How have local companies adjusted their business strategies to weather the ongoing economic climate?
Abu Dhabi has moved ahead with plans to bolster the emirate’s non-oil economy following the launch of a Dh50bn ($13.6bn) programme aimed at fast-tracking economic growth and social development.
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