Category Archives: Business
Insurers in the GCC have for some time called for greater harmonisation of regulations across the GCC region. Not only will this benefit the consumer by increasing competition, insurers’ costs would be reduced. Such harmonisation, though, is a complicated matter and there are currently no signs it will become a reality.
Some 60% of Qatar’s $1.25bn grant will be used to fund local community development projects, another programme that will help to reduce unemployment, especially in the rural areas, according to Finance Minister Suleiman Hafez. Another 15% will be spent on projects in the energy sector, such as shale oil exploration, 15% on education and health and 10% on transport.
‘Stick or twist’ sums up the changes of political power in America and China last month. President Obama won another four-year-term in Washington, while Xi Jinping assumed stewardship of China. This intricate ‘Chimerican’ relationship is fundamental to the global outlook anywhere you care to look, and nowhere more so than the Middle East.
But, as Mazen Darwazeh, a senior executive at Jordanian-based Hikma Pharmaceuticals points out, there is “an awakening in this part of the world. “Governments,” he told the London daily
Asian markets. Any significant Qatari shift towards Asia will see Russia’s spot market pressures eased in Europe; no other gas producer would be able to fill Qatari LNG gaps.
To read the article in full please subscribe to The Middle East magazine
GCC governments in particular are embarking on pharaonic projects and are the force driving the region’s bond market. Saudi Arabia has pledged to spend more than $500bn by 2020 to modernise the kingdom, with investments in energy, transport, ports, logistics, education and the creation of six new cities from scratch. In Qatar, the world’s richest country in terms of GDP per capita, $100bn will be spend on infrastructure ahead of the Football World Cup the country will host in 2022, with plans for the implementation of real estate and leisure projects on a huge scale.
To read this article in full please subscribe to the MiddleEast Magazine
We report on the growing trend as slimline and vintage watches fuel the market in the Middle East.