[vc_row][vc_column][vc_column_text]
Middle East
The Middle East (including Egypt but excluding North Africa) had over 684m people spread over 17 countries in 2018. Total GDP was 3.7 trillion USD and average GDP per capita was 18,581 USD. Total exports were 1.5 trillion USD. Civilisation began in the Middle East with the emergence of the Sumerians around 4000 BC. They invented writing and their cuneiform writings survive to this day. Around 3,000 BC, Ancient Egypt began to develop along the Nile while in 2300 BC the Akkadian empire formed in Southern Mesopotamia. Following the Akkadians, the Babylonian empire emerged with Hammurabi’s code of law arguably its most famous artefact. After the Babylonians a procession of empires ruled over the Middle East including the Assyrians, Medes, Persians, Macedonians, Romans, Parthians, Sassanids, and Byzantines. In the 7th century, Islam emerged from Mecca and Medina and within three generations the Arabs had established a Caliphate that covered the Arabian Peninsula, Persia, North Africa, and parts of Spain. The Seljuq Turks captured Anatolia in the 7th century ending Byzantine rule there. The Arabs and Turks played an important role in trade along the Silk road, bridging Asia and Europe. Crusaders arrived in the Levant in the 11th century after pleas of help from the Byzantines and maintained the Kingdom of Jerusalem for around 100 years before being defeated by the Seljuks. The Seljuks were displaced by the Mongols who in turn were replaced by the Ottomans. The Ottomans remained the dominant power until the 20th century. In the 16th century the Portuguese reached Arabia and established several forts along the Persian Gulf. In 1798, Napoleon invaded Egypt but French rule quickly turned to semi-autonomy from the Ottomans. In 1869, the Suez Canal was opened transforming trade in the region. The British established a military presence in 1882 to safeguard trade to India. The British also signed treaties with the various rulers in the Trucial Coast on the periphery of Ottoman influence. They maintained their influence in the region until the early 1970s, acting as guardians for many of the smaller states. When they left, US influence increased. The modern Middle East emerged after WW1 with the fall of the Ottoman empire. The British and French decided on the new borders in the Sykes-Picot agreement. The 1917 Balfour declaration controversially paved the way for the establishment of Israel in 1948 . Oil was first discovered in Saudi Arabia in 1938. It heralded the transformation of the region. In the 1950s and 1960s, the Arab oil states took greater control of the oil industry, nationalising their national oil industries and forming OPEC in 1960. In 1967 and 1973 they flexed their new geo-political muscles with oil embargoes that demonstrated Arab solidarity against Israel. The 1979 Islamic revolution in Iran changed the geo-political dynamic in the region. As did the Iraqi invasion of Kuwait in 1990 and the first and second Gulf Wars. The 2010, Arab Spring saw democratic change in several countries in the region, but it also resulted in a civil war in Syria and instability in Iraq. In 1981, the Gulf States formed the Gulf Cooperation Council (GCC) signalling the desire for greater economic integration. There have also been strong efforts by individual GCC countries to diversify their economies. In recent years this has seen increased investment in ICT and start-ups.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
2014 Edition of Cityscape Jeddah Set to be Largest Event Ever Held Jeddah, March 2014: The year 2014 is all set to witness huge achievements in the Saudi real estate
A US$250 million loan, approved last week, will ease Jordan’s fiscal strains, which have been deepened by the influx of Syrian refugees and by regional turmoil that has disrupted its
The near-term economic outlook for the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region has weakened. Difficult political transitions and increased regional uncertainties arising from the complex civil war
Dubai, UAE, 25 February 2014: Qatar has the highest per capita investment in Dubai realty in 2013 (AED 6.71 million), followed by Oman (AED 5.77 million), the UAE (AED 4.56
Read more
Khalifa Abdullah Al-Ajeel is vice-chairman of the board and chief executive officer of Al-Waseet Financial Business Company. Mr Al-Ajeel is also chairman of the board of the Safat-Tec Holding Company
Bashir Amini was born in 1962 in Herat, Afghanistan. He attended the Economy School in Kabul as well as the Goethe Institute there and over the course of his education
Andrew Smith is an accomplished senior executive with conventional and Islamic insurance experience gained in the UK and across the Middle East. He has worked for publicly listed multi-national organisations
It is not often one finds the words banking and ethics in the same sentence. However, ethics is a core value and a founding principle for Farazad Investments Inc (FII).
Read more
Mr Ammar Dabbour started his career in finance in 2001 and has since gained a broad scope of responsibilities ranging from clients’ risk analysis to financial advisor. The different activities
The theme of this year’s Annual Investment Meeting (AIM), which will take place in Dubai on the 8th – 10th April 2014, is Investment Partnerships for Sustainable and Inclusive Growth
While currencies crumbled in emerging markets ranging from Turkey to Argentina, the world’s mostly self-appointed leaders and assorted hangers-on gathered in Davos, Switzerland to assure global audiences that the future
Ms Manal al-Sharif was filmed in the commission of a crime as she was driving down the road. In fact, her driving of a motor vehicle constituted the offense. Ms
Read more
[/vc_column_text][/vc_column][/vc_row]