Middle East: Confronting the Downturn
Cover Story
Confronting the downturn: How the Middle East is reacting to global economic turmoil
Economies across the world have been hit hard by the global financial crisis, which has spread from the banking industry to affect almost all business sectors.
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Middle East materials suppliers down but not out
Middle East construction materials producers have had a rough ride over the past year, but are now pressing ahead with their expansion plans.
Construction contractors look for fresh opportunities in the Gulf
Having invested heavily in staff and equipment over the past five years, the collapse in the Gulf real estate market has left regional construction firms struggling to secure enough work. But infrastructure projects offer cause for optimism.
Gulf governments act to restore financial confidence
A series of measures introduced by regional governments are helping to repair the damage caused by the global financial crisis. But further action needs to be taken to attract investors back to the region.
Middle East set to spend through the downturn
Although economic growth is predicted to drop sharply in the region this year, governments will continue to invest in much-needed development projects as inflation declines and construction costs fall.
Key transport projects in the region weather the economic storm
More than $200bn is being invested in transport schemes across the region despite the global economic downturn and falling demand.
Mature Gulf markets offer slim pickings in telecoms sector
The large, regional telecoms operators have reached a difficult stage in their development, with the most attractive licences already auctioned off and the global recession eroding their profits.
Downturn delays utilities capacity expansion in the Gulf
Power and water projects are being put on hold across the region as utilities providers lower their demand projections in the wake of the credit crunch, and developers struggle to secure funding.
Gulf petrochemicals producers maintain competitive advantage
While petrochemicals prices have fallen significantly since last year, Middle East producers remain in a strong position compared with their European and US rivals. But plans for large new plants are on hold.
UAE and Algeria keep energy sector moving
While some of the region’s largest energy producers, including Saudi Arabia and Qatar, have offered little new work for contractors following the collapse in oil prices last year, others are taking up the slack.
Tehran struggles to increase oil output
International sanctions and ageing oil fields have made it hard for Iran to raise production, but the Islamic Republic could do more to make investment in the sector attractive for foreign firms.
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