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.

Deloitte: Construction Hitches in the GCC Lead to Calls for Positive Change

Construction plays an important role in GCC countries’ long-term economic development plans and national visions, driving the involvement of the public sector towards delivering successful cities. Whilst external factors –

UAE Backs China’s One Belt One Road Initiative at Annual Investment Meeting

His Excellency Abdulla Al Saleh, Undersecretary for Foreign Trade Ministry of Economy UAE stated,“ Trade activities to amount to $ 33 billion dollars between the UAE and China.” Dubai, United

Annual Investment Meeting 2019 to Host Strategic Sessions to Draw Foreign Direct Investments

This year the event will witness the presence of 60 high level official The organizing committee of the Annual Investment Meeting 2019, has completed the preparations for the upcoming event,

Over 1,700 Projects Worth USD 1tn Fall Under China’s Ambitious One Belt, One Road Initiative (OBOR)

Annual Investment Meeting 2019 to host AIM-OBOR Forum With more than 1,700 projects worth USD 1 trillion, China’s ambitious One Belt, One Road Initiative aims to positively impact 4.4 billion
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Bahrain Minister of Industry, Commerce, and Tourism Zayed Bin Rashid Al Zayani: Maintaining and Expanding a Leading Edge

The smallest economy of the Gulf Region registered solid growth, adding a robust 2.4% to its GDP over the past 12 months, courtesy of a steady rise in crude oil

Dubai Ranks First Globally in Attracting FDI for AI & Robotics

Dubai ranks first globally in attracting foreign direct investments (FDI) for artificial intelligence and robotics The emirate has attracted from 2015 to 2018 $21.6 billion worth of FDI in high-end

AIM Startup 2019 Unveils Summit Agenda

The National Program for Small and Medium Sized Enterprises and Projects of the Ministry of Economy, held a press conference for the launch of AIM Starup 2019 with the theme

Jordan: The Sky Is the Limit

The hub for flag carrier Royal Jordanian Airlines, Queen Alia International Airport (QAIA), just south of Amman repeatedly takes top honours for convenience, efficiency, and overall traveller satisfaction. In a
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New Business-Registration Portal Goes Global

A new web portal has been launched to help companies directly access, and assess the user-friendliness of, business registration websites around the world. Global Enterprise Registration or www.ger.co is the

Evan Harvey, Nasdaq: A Short-Term Look at Long-Term Growth – The Expert Outlook on 2017

Given the rapidly changing state of our global economic and political picture, it can be daunting to integrate sustainability strategies into business practices. This has ever been the case, but

Gavin Wilson, CEO IFC AMC: Mobilising Private Capital for Sustainable Development

Building and upgrading the infrastructure to underpin sustainable development in emerging markets and elsewhere requires additional investments estimated at around one trillion dollars annually. To support expected economic growth rates,

IFC: Addressing Climate Change Can Unlock $23 Trillion-Dollar Investment Opportunities in Emerging Markets

By Christian Grossmann and Thomas Kerr The historic Paris climate change agreement entered into force in record speed last November, committing countries to a decarbonized future.  This means that new
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