The Middle East

As countries across the GCC faced revenue pressures due a lower oil price environment, Oman balanced reduced public spending with economic diversification efforts to keep growth on a positive trajectory.

With state revenues significantly impacted by lower global oil prices, the Kuwaiti government has intensified efforts to enact reforms aimed at increasing foreign investment, supporting economic diversification and reducing state subsidies.

While low oil prices weighed heavily on many of Dubai’s trading partners and neighbours, the emirate delivered a strong economic performance in 2016, buoyed by growth in key non-hydrocarbons segments, which provided an important buffer against external challenges.

A recently launched roadmap for the development of Jordan’s ICT sector aims to attract capital inflows on the back of recent government moves to reduce the tax burden on companies operating in the industry.

Stability and consolidation were Qatar’s watchwords in 2016, as the government continued to make long-term investments in national infrastructure at a time of restricted economic growth in the region.