The Middle East
The Middle East comprises nations such as UAE, Bahrain, Oman and Syria, among many others. While minerals have been the mainstay of the economy for a long time there have been efforts to promote other industries. Tourism, for example, is picking up in the Middle East, with countries such as Dubai relaxing the strict regulations imposed by some of its neighbours to encourage holiday makers to visit. In addition, there are large financial and commercial centres throughout the region.
The economy of the Middle East has relied for a long time on minerals such as oil and gas. Countries such as Saudi Arabia and UAE have very little taxation on individuals as much of the country’s wealth comes from these industries. Recent price rises in the cost of oil may have caused problems
in other parts of the world but these nations have benefitted a great deal.
Investment in infrastructure has increased and industries such as construction are developing as a result. The region is seen as having great potential and there have been many luxury hotels and residential developments in areas such as Dubai as well as a number of businesses choosing to expand their operations in the area.
Growth in both regions is expected to continue as they were not as affected by the downturn as the US or Europe and investment will continue to be strong there.
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