Both the government and the private sector are continuing efforts to develop the financial technology (fintech) industry in Bahrain, providing a platform for new financial services growth.
The Middle East
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Rising transaction levels and stabilising rents suggest that Oman’s real estate sector could be in recovery, with future prospects bolstered by moves to facilitate property investment.
An increase in the liquids storage, bunkering and freight-handling capacity at the Port of Fujairah is expected to further strengthen the emirate’s position as a fuelling point and trans-shipment centre.
Improving economic conditions, increased tourism numbers and the launch of two major development projects are forecast to support growth in Abu Dhabi’s retail sector, especially within the food and beverages (F&B) segment.
The Financial Sector Development Programme (FSDP) 2020, which was approved in early May, aims to expand the capacity of financial services firms to meet the financing needs of Vision 2030, Saudi Arabia’s long-term national development plan.
Amid a backdrop of recovering commodity prices and stronger economic growth, in mid-May Kuwait decided to postpone introduction of value-added tax (VAT) until 2021, although it still intends to implement an excise tax as scheduled.