Home to an estimated 15.9% of the world’s proven oil reserves, Saudi Arabia is the single largest economy in the Middle East and North Africa. According to the Ministry of Finance, real GDP grew by 3.8% to $746bn in 2013. While oil income is expected to continue to account for the majority of government revenues for the foreseeable future, the non-oil sector has expanded significantly in recent decades growing 9.3% in 2013.
The only monarchy in North Africa, Morocco has one of the more diversified GDP mixes in the region, and the mainstays of the economy include agriculture, tourism, and the textiles industry; higher-end manufacturing, IT and communications, and outsourcing are also all becoming increasingly important. The past few years have seen some significant changes, yet the kingdom has remained stable, even amidst the broader regional turmoil.
The Moroccan construction sector witnessed a significant slowdown in 2013 due to a confluence of factors, including regional instability and a shortage of access to financing. Cement consumption, which is considered a key performance indicator, dropped from 15.87m tonnes in 2012 to 14.87m tonnes in 2013. Nevertheless, the Ministry of Habitat and Urban Planning continued to help drive sector...
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