Middle East

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.

MEED Quality Awards for Projects 2012 Announced

The high standard of nominees and winners for MEED Quality award for Projects 2012 is a testament to the standard of projects taking place in the GCC.  UAE leads winners

Emerging Managers Summit

The Radisson Blu Aqua Hotel Chicago, Chicago, IL May 30-June 1, 2012 If you are looking to expand and diversify your asset allocation by investing in emerging managers as well

Arabian World Construction Summit 2012

Date: 20 – 23 May 2012 Location: Westin Resort & Spa, Abu Dhabi Arabian World Construction Summit 2012 will be the definitive construction & infrastructure event in the Middle East and

Market Braced as Sanctions Continue on Iran’s Energy Sector

Iran’s oil sector has been targeted by fresh sanctions from the US, while the EU is in talks over what extra restrictions it will place on the country’s economy. A
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Dubai’s Nakheel Says Back in the Black in H1

Nakheel, the Dubai developer that wrote down AED78.6bn ($21.4bn) from the value of its real estate as property prices in the emirate crashed, reported a first-half net profit on Monday. The

CFI Top 25 Most Powerful Individuals in Emerging Markets 2012

Few will argue about Vladimir Putin being the most powerful man in emerging markets this year. On the back of his long term track record of domestic economic success and

CFI Top 40 Billionaires in Emerging Markets 2012

The list is dominated by billionaires from the BRIC economies (65% out of the total number of billionaires). Of these, the Russian (and one Ukrainian) makes up more than half

Indonesia To Top “Happy Index”

Indonesian are the world’s most content people according to new research. Emerging markets and half of the BRIC economies (represented by India 2nd, and Brazil 4th) are top 4 in
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Big Banks: Cure or Curse for the Global Economy?

Friday 27 January 2012, CFI with report from the World Economic Forum in Davos, Switzerland with anchor Bloomberg Television Key Points Banking reforms are still a work in progress – there

Sharing of the “Abu Dhabi Experience” To Support Enhanced Environmental Decision Making in Emerging Economies

The Eye on Earth Abu Dhabi 2011 Summit is dedicated to the critical issue of greater access to environmental and societal data for enhanced decision making, especially in emerging economies.

J.P.Morgan on Egypt: Parliamentary Elections Passed First Test

High turnout for parliamentary elections offers an orderly exit from political turmoil Power sharing between the Muslim Brotherhood and the Military Council to raise downside risks Challenging backdrop to finance

Bank of America Merrill Lynch on Egypt: First Hurdle Passed, More On the Way

The successful holding of elections should help defuse tensions in the short-term, but the transition process remains long, complex and fraught with challenges, particularly revolving around the new Constitution and
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