With the fall in oil prices underlining the dangers of an over reliance on hydrocarbons revenues, Qatar has continued to forge ahead with its economic diversification drive in 2016. Non-hydrocarbons growth now outstrips hydrocarbons growth, with several big-ticket construction projects, an increasingly dynamic financial services sector and a growing reputation as a tourist destination all fuelling non-oil expansion.
Recent measures to levy a tax on empty plots of land in Saudi Arabia are intended to kick-start the residential property sector and tackle the Kingdom’s housing shortage.
A solid regulatory base, strong government support and rising demand from a young population are fuelling Dubai’s efforts to foster technology-driven entrepreneurship.
Officials in Kuwait have made significant progress on long-awaited upgrades to Kuwait’s International Airport (KIA) by signing a $4.4bn contract to kick-start construction on a new terminal.
A return to the international bond market, combined with fiscal reforms and an increase in oil prices, is bolstering government efforts to bridge Oman’s budget deficit.
Several innovations in Jordan’s banking sector over the past two years have helped facilitate an increase in cashless transactions, including mobile payment services for bills, peer-to-peer lending for small businesses and other technology-enabled financial services.
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