Economic Profiles of Arab Countries

Economic Profiles of Arab Countries QATAR Qatar has been ranked as the world’s wealthiest country on a new list compiled by the prestigious US. Qatar has 2,051 million people, the majority of whom (about 90%) live in Doha, the capital. Qatar is the 146th most populated nation , age structure 0–14 years: 21.8% (male 92,896/female 87,201) 15–64 years: 76.8% (male 451,127/female 182,330) 65 years and over: 1.4% (male 6,545/female 4,690) (2008 est.) with a GDP of 181.7 Billion per capita of ~102,700USD. Sharing the same Arabic language presents an advantage for ANB to enter Qatar. The country’s population is growing by an average of 1.093% (2008 est.) Petroleum the cornerstone of Qatar s economy accounts for more than 70% of total government revenue, more than 60% of GDP, and roughly 85% of export earnings Oil has given Qatar a per capita GDP that ranks among the highest in the world. Qatar is now the richest country in the world caused by a rising global oil demand which helped current GDP per capita to expand 94% in the Nineties. Income distribution in the country is relatively balanced, with a majority (70%) in the middle class, The economy is expected to grow at a healthy rate of 5% for the coming years. Qatar 2022 FIFA World Cup bid is the successful proposal from the government of Qatar to host the 2022 FIFA World Cup. Qatar will be the first Arab state to host the World Cup. Qatar promoted their hosting of the tournament as representing the Arab World, and has drawn support from across the member states of the Arab League. They also positioned their bid as an opportunity to bridge the gap between the Arab World and the West. Furthermore, people coming from different nations visited Qatar for this match and strengthened the image Qatar would depict of their interest in the World Cup 2022. Additionally, Qatar hosted the 2011 Asian Cup . With a fast-expanding population and substantial economic growth over the past decade, a reliable and extensive transportation network is becoming increasingly necessary within Qatar. So far the government, the primary transport developer, has done well in terms of keeping up with demand for new transportation options. In 2008 the Public Works Authority (Ashghal), one of the bodies that oversees infrastructure development, underwent a major reorganization in order to streamline and modernize the authority in preparation for major project expansions across all segments in the near future. Ashghal works in tandem with the Urban Planning and Development Authority (UPDA), the body that designed the transportation master plan, instituted in March 2006 and running to 2025. As driving is the primary mode of transport in Qatar, the road network is a major focus of the plan. Project highlights in this segment include the multibillion-dollar Doha Expressway and the Qatar Bahrain Causeway, which will connect Qatar to Bahrain and Saudi Arabia and is considered a milestone in regional interconnectivity. Mass-transit options, such as a Doha metro, light-rail system and more extensive bus networks, are also under development to ease road congestion. In addition, the railway system is being significantly expanded and could eventually form an integral part of a GCC-wide network linking all the Gulf states. once all projects are up and running Qatar will have one of the most advanced and modern transport infrastructures in the region, it will be an opportunity and a niche market for ANB BAHRAIN Bahrain has a very small population of ~1.3 Million, of which more than 50% are non-nationals, with a relatively high GDP ~27,000USD. The middle aged population (30-64yrs) including non-Bahrainis is around 48%. Bahrain has the first post-oil economy in the Persian Gulf because the Bahraini economy does not rely on oil. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The countrys capital, Manama is home to many large financial structures. Bahrain has a high Human Development Index (ranked 48th in the world) and was recognized by the World Bank as a high income economy. Bahrain was designated a major non-Nato ally by the Georges W. Bush administration in 2001. Bahrain has the fastest growing economy in the Arab world, Bahrain also has the freest economy in the Middle East and is twelfth freest overall in the world . In 2008, Bahrain was named the worlds fastest growing financial center by the City of Londons Bahrains banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum production and processing account is Bahrains most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP . With its highly developed communication and transport facilities, Bahrain is home to a number of multinational firms and construction proceeds on several major industrial projects. OMAN The current GDP is $78.11 billion, expected real GDP growth of 4.5 per cent in 2013 and 4.0 per cent in 2014. Current GDP per capita has expanded continuously in the past 50 years. It grew 339% in the 1960s reaching a peak growth of 1,370% in the 1970s scaling back to modest 13% growth in the 1980s and rising again to 34% in the 1990s. Officially called the Sultanate of Oman . It has a strategically important position at the mouth of the Persian Gulf. From the 17th century, Oman had its own empire, Unlike its resource-rich neighbors, Oman has modest oil reserves, in 2010 the UNDP ranked Oman as the most improved nation in the world in terms of development during the preceding 40 years. Additionally, Oman is categorized as a high income economy and ranks as the 45th most peaceful country in the world. Omans Basic Statute of the State expresses in Article 11 that the national economy is based on justice and the principles of a free economy. Omani citizens enjoy good living standards, but the future is uncertain with Omans limited oil reserves. Other sources of income, agriculture and industry, are small in comparison and count for less than 1% of the countrys exports. Oman has a very diversified economy . Since Jan 2009 Oman has a free trade agreement with the United States , eliminating tariff barriers on all consumer and industrial products, also providing strong protections for foreign businesses investing in Oman. The total population is 2,773,479 and of those, 1,957,336 were Omanis. 43% of the population is under the age of 15. About 50% of the population lives in Muscat and the Batinah coastal plain northwest of the capital; about 200,000 live in the Dhofar (southern) region, and about 30,000 live in the remote Musandam Peninsula on the Strait of Hormuz. Omans economic growth plunged to 2.8 per cent in nominal terms in 2013. In April, the International Monetary Fund estimated in its World Economic Outlook that the non-OPEC crude exporters economy expanded 5.1 per cent in 2013 when adjusted for inflation, slightly outperforming a 5.0 per cent rise in 2012. Expected economy growth 4 to 5 per cent this year, underpinned by stable oil prices and the billions of dollars spent on major projects in the past two years. Last years slowdown in nominal growth was mainly due to a 1.4 per cent fall in the oil sector, which accounts for nearly 46 per cent of Omans $80 billion economy and had seen a 10.7 per cent jump in nominal terms in the previous year. KUWAIT Kuwait one of the richest Arab countries, and has a population of 2,695,316. includes 1,291,354 non-nationals. Population growth rate by 1.79% and this rate reflect a return to pre-Gulf crisis immigration of expatriates. Urban population 98.3% of total population . Age structure 0–14 years: 25.8% ,15–64 years: 72.2% , 65 years and over: 2% Kuwaiti citizens accounted for 40% of Kuwaits total population in 2011 the rest is foreigners. The government and people of Kuwait consider the high level of immigrants to be a problem. This led to the announcement in 2013 that Kuwait will reduce the number of expatriates by deporting 100,000 expats annually over the next 10 years. A recent proposal by a Kuwaiti lawmaker restricts all expats to only five years residence in Kuwait, all expats will be deported after living 5 years in Kuwait. Kuwait also banned expatriates from driving. Kuwaits economic freedom score is 62.3 making its economy the 76th freest in 2014 index, with a GDP 151$ billion with a 5.1% growth 39,889 per capita . the unemployment rate is 2.1% Kuwait holds the world’s sixth biggest proven reserves of oil and oil extraction accounts for 40% of GDP . The strategic location of Kuwait and geopolitical turbulence in the region helped foster economic prosperity in Kuwait. Kuwait became wealthy due to Basras instability. It was estimated that Kuwaits sea trade reached 16 million Bombay rupees by 1800, a substantial amount at that time. Economic prosperity during the late 18th century attracted many immigrants from Iran and Iraq to Kuwait. Kuwaits pre-oil population was ethnically diverse.