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.

Nearly 500,000 New Residence Visas Issued in Dubai in First Half of 2014, Indicating Flourishing Business for Real Estate

Exhibitors upbeat on growth graph of UAE property sector, based on factual demand from first renters, buyers and investors.  A total of 17,289 real estate transactions worth AED 37.5 billion

Overall Tax Cost and Compliance Burden Lower for Businesses around the World

Paying taxes has become easier over the past year for medium-sized companies around the world, the latest report from the World Bank Group and PwC finds. The time it takes

Participants at Cityscape Kuwait Showcase Latest Unique Projects & Services

Cityscape Kuwait, the premier real estate investment and development event in the State of Kuwait, will be opening its doors on December 7 – 9 at the Kuwait International Fairgrounds

IREIS 2014 to Offer Unique Investment Opportunities

Event to Facilitate Real Transactions in Key Global Markets In Middle East, Europe and Asea Pacific Abu Dhabi-UAE: October, 2014 – The sixth edition of International Real Estate and Investment
Read more

Grant Thornton UAE: It’s Your Choice – Business vs Risky Business

When looking at Enterprise Risk Management (ERM) within organisations, the need for further clarification soon becomes evident. The process of ERM is something that we may unknowingly follow in our

World Investment Forum: Seeking Ways to Unlock the Idle Trillions

As the United Nations Conference on Trade and Development (UNCTAD) celebrates its fiftieth anniversary, business and government leaders from across the world gathered this week in Geneva for the biennial

Cityscape Launches Inaugural Event in Kuwait

Region’s Largest Real Estate Event Shines Spotlight on Kuwait Real Estate Market Cityscape Kuwait, the premier international real estate investment and development event in the State of Kuwait is scheduled

Sustainable Stock Exchanges: Urgent Need for Simple Metrics

The 4th biennial Global Dialogue on the Sustainable Stock Exchanges (SSE) Initiative, concluded yesterday (10/14) at the United Nations Geneva headquarters, unveiled the urgent need for all stakeholders – stock
Read more

Sustainable Stock Exchanges: The Relevance of Green Indices

At the fourth Global Dialogue of Sustainable Stock Exchange (SSE) Initiative, last Tuesday in Geneva, Nasdaq OMX vice-chairman Meyer “Sandy” Frucher livened up discussions by spelling out a few hard-hitting

World Bank Group: Can Resource-Financed Infrastructure Fix the Natural Resource Curse?

By Håvard Halland, John Beardsworth, Bryan Land, and James Schmidt How can resource-rich countries ensure that a sufficiently large share of oil, gas, and mining revenues are used for productive

Dr Rachid Yazami: A Battery-Powered Future

Dr Rachid Yazami almost single-handedly invented a global business now worth some $15bn annually. But, he’s not in it for the money. Rather, this Morocco-born scientist is motivated by the

New Report Identifies Major Clean-Tech Market Opportunity for Small Businesses in Developing Countries

Small and medium-sized enterprises (SMEs) in developing countries can generate significant growth and create jobs by seizing a potential $1.6 trillion market opportunity in clean technology. Latin America and Africa
Read more
CFI

Published by
CFI

Recent Posts

North America

5 years ago

Latin America

5 years ago

Europe

5 years ago

Asia Pacific

5 years ago

Africa

5 years ago