After giving it some thought, you are finally ready to invest in the Middle East. And there is nothing wrong with that considering the region boasts some of the world’s largest oil reserves. However, it still remains to be a divided region. The International Monetary Fund has forecast overall real GDP growth of 4.1% for both 2021 and 2022 for the entire Middle East and North Africa region.
Before you finally make up your mind to invest in the Middle East, you should remember that Saudi Arabia has the highest GDP in the region. In 2019, it accounted for 30.3% of the region’s total, reaching $793bn, its highest value ever. In 2020, the country increased its market share of the Middle East’s GDP to 31.4% despite posting a decline in value in $700bn.
Ranked second, behind Saudi Arabi, the UAE contributes significantly to the Middle East’s GDP. The country launched a series of developmental and economic projects that aim to transform the UAE into a comprehensive hub in all sectors and establish its status as an ideal destination for both investors and talented workers. Projects of the 50 covers several vital sectors such as the economy, entrepreneurship, advanced skills, space, digital economy, and advanced technologies.
The UAE still remains in a strong economic position, having built solid foundations, with a highly regarded business environment, exceptional infrastructure, defined policies and political stability, all contributing.
The roll-out of economic support schemes during the COVID-19 pandemic also allows the country to make a strong recovery from the impact of the virus. To further boost growth, in 2021, the country announced it would offer citizenship to foreigners, which is expected to bring huge economic benefits.
Merely because you want to invest in the Middle East, it doesn’t mean you should go about this decision hurriedly. Instead, take it upon yourself to determine what makes the region worth your investment. You should also look into the different countries making up the Middle East to find yourself the best investment opportunity and help change your life for the better.