Middle East

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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]

International Property Show Grows 25% – 300 Exhibitors from 80 Countries to Participate from 8 to 10 April in Dubai

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CFI.co Meets the CEO of Euler Hermes GCC: Massimo Falcioni

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Sudan Cabinet Shake-Up Boosts Conciliation Efforts

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World Bank Reports on Affordable Housing in Egypt

Hamada Mohamed, a taxi driver, is married with a 3 -year-old boy, and expecting a new baby in the coming months. Like 75 percent of young families he has not

Grant Thornton: Islamic Finance – What’s In It For Me?

Grant Thornton United Arab Emirates (UAE) Audit Partner, Khurram Bhatti talks about the key aspects related to Islamic Finance. There is much to both venerate and praise about Islamic Finance.

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Dame Zaha Mohammed Hadid: Never an Understatement – Design Rooted in Nature

The work of Dame Zaha Mohammed Hadid, one of today’s most accomplished and celebrated architects, has always been ambitious. To her many admirers she is the Queen of the Curve

Bentley Motors: Keeping Assembly at Home

The Bentley SUV Bentley Motors recently confirmed that it will proceed with the development of the Bentley SUV, the company’s fourth model line. The SUV will be made in Crewe

Maha Al-Ghunaim: Enterprising Ladies – Investing in Future Entrepreneurs

Maha Al-Ghunaim is chairperson and managing director of Global Investment House (GIH) – one of the largest such operations in the Gulf Region. She co-founded GIH in 1998 and just

Why an Expo 2020 Win Will Not Determine the Strength of Dubai’s Property Market

By Mat Green, Head of Research & Consultancy UAE, CBRE Middle East Property markets around the world have proven to be acutely sensitive to changes in market sentiment. There should
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