November 26, 2024 - Al Akhbar Publication

Kuwait

Kuwait vs Qatar: A Comparative Analysis of Business Landscapes in the Gulf Region

Kuwait and Qatar are two of the most affluent nations in the Middle East and the Gulf region with high income economies backed up by oil and natural gas export. It is imperative to note that while both the types of firms involve similar activities in terms of their business functioning, they are two entirely different concepts in the aspects of business environment. Economic Overview The organisation also reveals that Qatar today boasts the highest GDP per capita with $71,321. At the same time, Kuwait has a GDP per capita of $ 33,000 or so. These two are most important and have contributed a lot in Qatars and Kuwait’s GDP, which ranges 50% – 60%. Still, Qatar has done way much better than most of the other GCC countries to look for other sources of income apart from oil and gas. There is a projected average yearly GDP growth rate of 3.4% for Qatar in 2023 while the growth rate is expectant 1.9% for Kuwait. Qatar being among the countries that rely on oil and gas has been in a process of investing billions of dollars in infrastructure as well as in commercial diversification projects for the post oil economies. It is however important to note that Kuwait remains to thisdate largely reliant in revenues from oil. Business Laws and Taxes According to the World Bank 2020 report, Qatar had an overall ranking of 83 on ease of doing business. It, therefore, takes about 8 days to start a business there. Kuwait ranked 97, this, however, if it takes 11 days to start a business. In the past decade, Qatar has thoroughly focused on efforts that helped cut down bureaucratic red tape for companies. Suffice to say that Kuwait continues to experience a great deal of bureaucratic problems. In Kuwait the process of obtaining licenses may take considerable time. Both Kuwait and Qatar have very low taxes as a strategy of encouraging foreign investors. Neither of the two countries imposes income tax on its citizens. But they do so by getting corporate taxes and taxes on international companies to boost up government income. Access to Finance It is easier to borrow in Qatar than Kuwait. According to the data, in 2020, Qatar’s positions in getting credit was 104 rd while Kuwait was ranked 152 rd. The costs associated with starting business is also relatively low in Qatar at $1,200 per income per capita contrary to $4700 in Kuwait. Foreign Investment Control However, as for Kuwait, it has drastically fewer percentage for restricted foreign ownership compared to Qatar, for example, there are no restriction on the foreign ownership in most sectors in Qatar except in banking, insurance and estate. On the other hand, Kuwait restricts free foreign proprietory stake in many domains without a local partner. There are also check on the stock market in Kuwait wherein foreigners cannot fully own companies in the market. Therefore, there has been more ease to attract FDI in Qatar. Infrastructure and Connectivity Qatar has undertook massive investment in transport and technology sector with more airports and ports construction, road networks and communication technology. According to WEF’s infrastructure quality ranking, it was 19th out of all countries in the world. Kuwait’s infrastructure is good however outdated to cater for business purposes and it is an area that requires more investment. Availability has also been supported by geography in Qatar as well. Located in the middle of the gulf region, it has become international hub for transport, logistics and commerce. Economically however Kuwait is less critically positioned in the Gulf, but a little farther up. Labor Regulations One of the major features of Qatar already influencing the business environment has been the large migrant labor. Qatar has faced a lot of criticism through its working conditions for guests workers or labor migration specifically those involved in construction of infrastructure for the 2022 World Cup. But it also has more developed labor laws than Qatar has, at least on paper. While practical aspects of the labor relations have been discussed, both countries have started carrying out changes to their labor legislation concerning wages, working time, health care and other standards. Corruption Perceptions According to a Corruption Perceptions Index compiled by Transparency International, Qatar knows corruption a little better than Kuwait does. According to the Global Index of Freedom 2020 Qatar stands at number 30 among 180 countries, Kuwait stands at number 67. There is still a problem with the rule of law and a filterable lack of clarity of the government decisions and transactions in Kuwait. Conclusions At the same time, certain regulatory and economic advantages need to be mentioned, although there are still some certain vices because of the existence of an absolute monarchy in Qatar. Kuwait continues to offer great potential due to its richness and location close to such strategic markets like Saudi Arabia. Nevertheless, making it more competitive would entail simplifying regulations, procedures for local and foreign players in the next couple of years.

November 26, 2024 No Comments

Qatar

Infrastructure and Construction in Qatar: A Booming Sector Driving National Growth

Qatar’s infrastructure and construction sector has experienced remarkable growth over the past decade, driven by the nation’s ambitious vision for economic diversification and development. The country’s rapid transformation from a desert landscape to a modern metropolis is part of its strategic plan under Qatar National Vision 2030, which seeks to position the nation as a global economic powerhouse. Major investments in transportation, real estate, and sporting venues have cemented Qatar as a key player in the region’s infrastructure landscape. Major Infrastructure Projects One of the key drivers of Qatar’s construction boom is its hosting of the FIFA World Cup 2022, which spurred massive investment in infrastructure projects. The construction of state-of-the-art stadiums, hotels, roads, and transport networks was part of the country’s preparations to accommodate the influx of visitors. The development of seven new stadiums and the renovation of existing sports infrastructure are examples of how Qatar has leveraged the event to enhance its global profile. Aside from sports infrastructure, Qatar has made significant strides in expanding its public transportation system. The Doha Metro, a highly advanced rapid transit system, has been a game changer in easing congestion and improving connectivity across the city. The metro network links key urban areas and is a core component of Qatar’s strategy to promote sustainable urban mobility. Qatar is also investing heavily in port and airport expansion. The Hamad International Airport continues to undergo upgrades, ensuring it can handle increasing passenger volumes and cargo traffic. Similarly, Hamad Port, one of the largest deep-water ports in the region, plays a vital role in enhancing Qatar’s logistics capabilities and supporting global trade. Real Estate and Urban Development The country’s skyline is dominated by ambitious real estate projects, from luxury hotels and residential towers to commercial spaces. Projects like Lusail City, a futuristic urban development north of Doha, symbolize Qatar’s commitment to innovative, sustainable city planning. Lusail City includes residential, commercial, and recreational spaces designed to accommodate over 200,000 residents, and it reflects Qatar’s focus on smart city technologies and eco-friendly urban solutions. Conclusion | Future Outlook With Qatar’s continued focus on diversifying its economy away from oil and gas, the infrastructure and construction sectors are expected to remain key pillars of growth. Major projects in real estate, transportation, and logistics will continue to shape the nation’s future, ensuring Qatar remains a hub for global investment and a leader in the Gulf’s construction industry.

November 26, 2024 No Comments

News

How Much do Espiritistas Charge for a Misa Session?

Espiritismo, a spiritualist practice deeply rooted in Latin American culture, particularly in countries like Cuba, Puerto Rico, and Brazil, has gained popularity worldwide. Central to this practice is the Misa, a ceremonial session that connects practitioners with spirits for guidance, healing, and communion. While many people seek out these sessions for spiritual insight, a common question arises: How much do Espiritistas charge for a Misa session? In this blog, we’ll explore the factors influencing the costs associated with Misa sessions, the variations in pricing, and the broader context of Espiritismo. What is Espiritismo? Before diving into the costs, it’s important to understand what Espiritismo entails. Espiritismo is based on the belief in the spirit world and the ability of mediums (known as Espiritistas) to communicate with spirits. This practice is often intertwined with Catholicism, incorporating elements of both faiths. Espiritistas serve as intermediaries, conducting rituals that aim to heal, provide guidance, and offer closure to those seeking connection with their deceased loved ones. The Misa, or spiritual mass, is a key ritual in Espiritismo, where participants gather to honor spirits, ask for assistance, and celebrate life. This session often includes prayers, songs, and other spiritual practices that create a sacred space for interaction with the spirit world. Factors Influencing the Cost of Misa Sessions The pricing of Misa sessions can vary widely based on several factors: 1. Location The geographical location plays a significant role in determining the cost of Misa sessions. Urban areas with a higher cost of living, such as New York City or Miami, may see higher prices compared to rural areas. Additionally, the cultural significance of Espiritismo in a particular region can affect demand and pricing. 2. Experience and Reputation of the Espiritista The experience level and reputation of the Espiritista can also influence pricing. Established practitioners with a long history of successful sessions may charge more than those who are newer to the practice. Clients often seek out experienced Espiritistas for their perceived reliability and depth of knowledge. 3. Length and Complexity of the Session Misa sessions can vary in length and complexity. Some may last only an hour, while others can extend for several hours, especially if they involve additional rituals or personalized elements. Longer and more intricate sessions typically command higher fees. 4. Type of Misa There are different types of Misa sessions, each with its own pricing structure. For instance, a general Misa may be less expensive than a specialized Misa aimed at addressing specific issues, such as health concerns or family matters. Additionally, some Espiritistas may offer private sessions, which can be costlier than group sessions. 5. Materials and Offerings Espiritistas often use specific materials, such as candles, flowers, and food offerings, during Misa sessions. The cost of these materials can be factored into the overall price. Some practitioners may include these costs in their fees, while others may request participants to bring their own offerings. 6. Cultural and Community Factors In some communities, the practice of Espiritismo is communal, and costs may be adjusted based on the financial situation of participants. Espiritistas may offer sliding scales or reduced fees for those in need, reflecting the communal spirit of the practice. 7. Additional Services Some Espiritistas offer additional services beyond the Misa itself, such as personal consultations, spiritual cleansings, or follow-up sessions. These services can add to the overall cost of engaging with an Espiritista. Average Cost of Misa Sessions While prices can vary significantly, we can provide a general overview of what to expect when seeking a Misa session. Group Misa Sessions Group Misa sessions are typically more affordable, with costs ranging from $30 to $70 per person. These sessions allow multiple participants to come together, share their intentions, and receive guidance collectively. The communal aspect can also create a powerful energy during the session. Private Misa Sessions Private Misa sessions tend to be more expensive, often ranging from $150 to $350 or more, depending on the factors discussed earlier. These sessions provide a more personalized experience, allowing individuals to address specific concerns or seek direct communication with their loved ones. Specialized Misa Sessions Specialized Misa sessions, such as those focused on healing or family issues, may cost anywhere from $200 to $500 or more. The complexity and depth of these sessions often justify the higher price, as they may involve additional rituals or extensive preparation. Additional Costs It’s important to note that some Espiritistas may charge extra for materials or offerings used during the session. Participants should clarify these costs upfront to avoid any surprises. What to Expect During a Misa Session? Understanding what to expect during a Misa session can help individuals prepare for their experience and appreciate the value they receive. Pre-Session Preparation Before the session, participants may be asked to provide information about their intentions, concerns, or loved ones they wish to connect with. This information helps the Espiritista tailor the session to meet the needs of the participants. The Misa Session During the session, the Espiritista will create a sacred space, often using candles, incense, and other elements to establish a connection with the spirit world. Participants will typically be seated in a circle, and the Espiritista will guide them through prayers, songs, and other rituals to facilitate communication with spirits. Post-Session Guidance After the session, the Espiritista may provide guidance, insights, or recommendations based on the messages received from the spirits. This guidance can help participants integrate the experience into their daily lives and make positive changes. Conclusion: The cost of Misa sessions in Espiritismo can vary widely, influenced by factors such as location, experience, and type of session. Understanding these factors can help individuals make informed decisions when seeking out an Espiritista. While prices may seem high, the value lies in the transformative experience and guidance received during the session. By approaching Misa sessions with an open heart and mind, individuals can tap into the profound wisdom and healing potential of Espiritismo.

November 26, 2024 No Comments

business

GPSSA Partners with Etihad Credit Bureau to Enhance Pension Contribution Compliance

In a significant move to bolster the pension sector in the United Arab Emirates (UAE), the General Pension and Social Security Authority (GPSSA) has recently signed a Memorandum of Understanding (MoU) with the Etihad Credit Bureau. This partnership is poised to enhance compliance with pension contribution obligations for Emirati employees in the private sector, marking a pivotal step towards ensuring financial stability and wellness across the region. The Significance of the Partnership The GPSSA, a key player in the UAE’s social security framework, aims to provide comprehensive pension services to Emirati employees. By collaborating with the Etihad Credit Bureau, a federal entity renowned for its expertise in data technology and financial insights, the GPSSA is set to revolutionize the way pension contributions are monitored and enforced. This strategic partnership is not just about compliance; it’s about creating a sustainable and competitive environment for private sector employers. By leveraging the Bureau’s advanced credit data products, the GPSSA can effectively assess the financial health of private sector entities, ensuring that they are capable of fulfilling their pension obligations. Supporting UAE-Based Employers The primary goal of this collaboration is to support UAE-based private sector employers in meeting their pension contribution obligations. The private sector plays a crucial role in the UAE’s economy, and ensuring that Emirati employees receive their rightful pension benefits is essential for fostering a stable workforce. Faras Al Ramahi, the Director-General of GPSSA, emphasized the importance of this partnership in enhancing operational capabilities. “This collaboration not only supports the UAE’s vision of fostering fruitful partnerships but also provides high-quality digital services with excellent technical infrastructure,” Al Ramahi stated. His remarks highlight the commitment of GPSSA to innovate and adapt to the evolving needs of the pension sector. Enhancing Financial Wellness and Stability The partnership between GPSSA and Etihad Credit Bureau goes beyond mere compliance. It aims to create a framework that enhances the financial wellness and stability of private sector entities. By utilizing the Bureau’s credit data products, GPSSA can gain insights into the financial health of employers, which is crucial for assessing their ability to meet pension obligations. Marwan Ahmad Lutfi, the Director-General of Etihad Credit Bureau, noted the broader impact of this initiative. He stated that it extends beyond credit facilities to encompass financial health, security, and stability across both the public and private sectors. This holistic approach is expected to foster a culture of accountability and transparency in pension contributions, ultimately benefiting Emirati employees. A Robust Database Exchange Framework At the heart of this partnership lies the implementation of a robust database exchange framework. This framework will facilitate the sharing of vital information, statistics, and data analytics between the two entities. The ability to exchange data seamlessly is crucial for driving a sustainable and digitally transformed future for all stakeholders involved. By harnessing the power of data, GPSSA and Etihad Credit Bureau can work together to create a more efficient and effective pension system. This initiative aligns with the UAE government’s broader mission to enhance sustainability, competitiveness, and proactive service delivery in the pension sector. The Future of Pension Contributions in the UAE As the UAE continues to evolve as a global economic hub, the importance of a strong pension system cannot be overstated. This partnership between GPSSA and Etihad Credit Bureau represents a forward-thinking approach to addressing the challenges faced by private sector employers in meeting their pension obligations. The collaboration is expected to increase clarity and accountability in ensuring compliance with pension contributions. By providing employers with the tools and insights they need to manage their financial responsibilities, GPSSA and Etihad Credit Bureau are paving the way for a more secure future for Emirati employees. A Commitment to Innovation and Digital Connectivity In today’s fast-paced digital landscape, innovation and connectivity are essential for improving operational capabilities. The partnership between GPSSA and Etihad Credit Bureau reflects a commitment to leveraging technology to enhance service delivery in the pension sector. By integrating advanced data analytics and credit insights, this collaboration aims to create a more responsive and adaptive pension system. The focus on digital connectivity will enable GPSSA to streamline processes, reduce administrative burdens, and improve the overall experience for employers and employees alike. Conclusion: The partnership between the General Pension and Social Security Authority (GPSSA) and the Etihad Credit Bureau marks a significant advancement in enhancing pension contribution compliance in the UAE. By leveraging data technology and financial insights, this collaboration aims to empower private sector employers and ensure the financial wellness of Emirati employees. As the UAE continues to evolve, initiatives like this are essential for creating a robust and accountable pension system. For more updates and insights on business developments in the Middle East, stay connected with Al Akhbar, your trusted source for the latest news and trends.

November 26, 2024 No Comments

Qatar

Financial Services in Qatar: A Thriving Sector in a Growing Economy

Qatar’s financial services sector has emerged as a key component of the country’s economy, bolstered by a strategic commitment to economic diversification and development. With a robust regulatory framework, strong government support, and an increasingly sophisticated financial ecosystem, Qatar has positioned itself as a financial hub in the Middle East. The growth of the financial services sector is in line with the country’s Qatar National Vision 2030, which aims to reduce its dependence on hydrocarbons by fostering a knowledge-based economy. Banking and Financial Institutions Qatar’s banking sector is one of the most developed in the Gulf region, offering a wide range of services including retail banking, corporate banking, and Islamic finance. Major banks such as Qatar National Bank (QNB), Commercial Bank of Qatar, and Doha Bank play a significant role in the country’s financial landscape, catering to both domestic and international clients. The banking sector is supported by Qatar’s robust regulatory framework, overseen by the Qatar Central Bank (QCB), which ensures financial stability, transparency, and the adoption of international best practices. This regulatory structure has made Qatar’s banking system resilient to external shocks, while facilitating growth in the sector. Islamic Finance Qatar is a global leader in Islamic finance, with Sharia-compliant banking services gaining substantial market share. Institutions like Qatar Islamic Bank (QIB) and Masraf Al Rayan offer a wide range of Islamic financial products, including savings accounts, home financing, and investment options, aligning with the principles of Islamic law. Qatar’s expertise in Islamic finance has attracted investors from across the Middle East and beyond, further enhancing its position as a financial center. Qatar Financial Centre (QFC) The Qatar Financial Centre (QFC) plays a critical role in positioning the country as a global financial hub. Established to attract international financial services companies, the QFC offers businesses a highly competitive environment with attractive tax incentives, 100% foreign ownership, and a legal framework based on English common law. The QFC has succeeded in attracting global financial institutions, asset managers, insurance companies, and advisory firms. Investment and Capital Markets Qatar has also seen growth in its capital markets. The Qatar Stock Exchange (QSE) offers a platform for local and international investors to trade equities and fixed-income securities. With government initiatives aimed at improving liquidity and promoting investment, the QSE has become one of the most dynamic exchanges in the Gulf region. Conclusion The financial services sector in Qatar continues to thrive, benefiting from strong regulatory support, a growing banking industry, and Qatar’s strategic vision for economic diversification. As the country solidifies its reputation as a financial hub in the Middle East, Qatar’s financial services sector is set to play an increasingly important role in driving future growth and attracting global investment.

November 26, 2024 No Comments

Kuwait

Exploring Kuwait’s Economic Growth: Key Sectors Driving Prosperity

Being one of the members of the Organization of the Petroleum Exporting Countries and being an exporter of oil and natural gas, Kuwait’s economy significantly relies on the exportation of the hydrocarbon. It has proven reserves of some 6% of international oil and is accorded the seventh position in the global producers and exporters list. The petroleum industry contributes closely to half of Kuwait’s GDP, three quarters of its export earnings and government receipts. According to the government of Kuwait it is planning to achieve an overall oil production facility of 4 million barrels per day by the year 2020. This consideration supports the recently made investments in; new techniques in improved oil recovery, and search for new exploitation of other breakthrough resources suggesting Kuwait aims to use hydrocarbon stock for future development. Financial and Banking Sector Kuwait has well developed financial and banking system considering that majority of facilities are located in Kuwait City. It includes more than a dozen of domestic and foreign banks that offer business banking and consumer banking services. Kuwaiti banking industry appears to be solidly capitalized and profitable, primarily engaging in corporate borrowing financed by oil revenues. It has been further observed that the sector is not very sensitive to the fluctuations in state’s economy and especially it did not much hampered due to the 2008 global financial crises. Kuwait also has a rather developed system of stock exchange titled Boursa Kuwait, which has 207 companies and $ 103 billion in market capitalization. The liberalisation as well as the modernisation of capital markets are in a way to turn Kuwait into a regional financial centre. These ideas could expand markets if the country permitted overseas firms to invest and trade equity and debt on the exchange. Transportation and Logistics Framework Being on the crossroads of trade and commerce in the Gulf region, Kuwait is putting a lot of effort to improve transport connection and logistics networks. Recent improvements of Kuwait means new roads, upgrading of the airports, construction of new seaports, creating of new logistics zones to strengthen the transport and logistic power of Kuwait. Al Hamra Port which has recently been upgraded and Sheikh Jaber Al Ahmad Al Sabah Causeway connecting Kuwait City to Subiyah have more capacity for accommodating the growing through traffic. To boost foreign trade and investment there are planned further enhancements of aviation facilities such as the Kuwait International Airport and transport channels leading to bordering nations. Real Estate and Construction Increased population growth as well as increased number of people moving into urban centers to is likely to drive high demand for development of property. Construction industry contributes towards approximately 10 percent to the gross domestic product of Kuwait. Large scale works’ factor includes dwelling constructions, both in the residential area and commercial construction like South Saad Al Abdullah City to cater for the young and growing population of Kuwait. The desire also builds housing in Kuwait city and its environs also fuels residential construction and hence the following attractions. New highways, hospitals, power plants and stadia remain a magnet for international construction companies in search of more lucratively rewarding contracts. Real estate and construction business is therefore expected to fund the growth of the economy significantly. Education, Training and Vocational and Employment Creation in the Private Sector Due to weak human resource development, more than 90% of Kuwaiti nationals are found in the public sector, emphasis should therefore be placed on the development of the private sector to support future job creation. These demands have led to education reform to prepare the Kuwaitis to meet demands of private sectors. Further reforms seek the enhancement of efficiency of the bureaucracy for the ease of doing business, increase in entrepreneurship and attraction of multinational firms to set up regional offices in Kuwait. Coming up with good paying private sector jobs that citizens want to do has continued to be a challenge. Wrap Up As one of the World’s richest countries with gross domestic product per capita, Kuwait has the capability in offering citizen a high quality lives. However, this extensive state spending can be very problematic if it puts a great deal of pressure on the state’s fiscal capacity owing to low oil prices. Its prognosis hinges on reform Torres to end subsidies, boost non-oil revenues, foster private sector employment and maintain citizen’s benefits when maintaining oil wealth. With this, the performance dimension of rural governance will be key in ensuring economic development goals align with citizen’s expectations.

November 26, 2024 No Comments

business

Emerging Business Opportunities in Qatar: What Entrepreneurs Need to Know

The emirate of Qatar has one of the fastest-growing and the most resilient economies globally. They are planning to spend a lot of their money in infrastructural development over the period leading to 2022 when they will be hosting FIFA World Cup. This opportunity is of great importance to local or new entrepreneurs and foreign companies in different fields such as construction companies, and transportation companies, tour companies among others. The Infrastructure and Construction processes reach an unprecedented boom. Infrastructure and construction is another area that has great potentialized by the fact that with more than $200 billion Qatar invested in infrastructure, construction World Cup related projects. Facilities such as construction of roads, racing tracks, hotels, metros and so on, cannot be constructed without help from leading international firms. Specifically, skills and knowledge in the sustainable building design and construction are scarce among the entrepreneurs. This is the analytics behind logistics and transportation services. The modernization of Qatar and an estimated 15 million international visitors on the back of the soccer World Cup has put pressure on growing transport needs. That is why any logistics and mobility focus, such as smart parking, car sharing and rental services, airport transfers and professional tour operations, has bright future. Tourism and Hospitality Industry The current size of travel and tourism industry in Qatar is still relatively small, yet by the year 2030 the country wants to see it quadruple in growth. As 5-star hotels, luxury resorts, fine dining restaurants, and international standard museums line up in the coming years, experts in the industry see a huge challenge in staffing this sector. Those who can offer hospitable personnel services and training, guides, DMC, and comparable services, have a chance. Sports and Fitness Sector Following the world cup, opportunities in this sector include; Sports education, coaching academy, health and fitness club, sporting goods manufacturing industries. One way of doing this is through the provision of modern standard sports sections and training in such favorite games as soccer, tennis, swimming, and golf. Citizens of Qatar can obtain the best medical care, but growing tourism will create a need for new hospitals and clinics. It is quite convenient for the entrepreneurs to fill the gaps such as daycare centers for the elderly people, home care services, and rehabilitation services. There are also good prospects involved in creating new medical equipment and technologies for the differently abled. Currently, Qatar is seeking a status of educational tourism hub in the region. Education technology, professional training services, language centers, and future investment and artificial intelligence concerned learning possibilities are promising with tod features and settings in Doha with cutting-age universities and academic institutions. The barriers to entry in this sector are relatively less than with other industries. Food Production and Food Tech Today, more than $090% of food consumed in the country is imported; however, Qatar is keen to boost its food production. Advanced technologies of green houses, hydro-ponic farming, aquaculture and other agri-techology that can fit the challenging Qatari environment are the right innovation. Beside offering fresh produce business prospects include; processed products such as halal meat, dairy products and canned foods. For economic diversification, the Qatar government has put efforts into the country’s development such as, Qatar National Vision 2030 and the National Development Strategy 2018-2022. Since they mainly focus on Creating the Space in which SMEs can grow by eliminating barriers to private sector activity with regards to business regulation and access to financing. Over $200 billion is being put by the government in projects connected with the 2022 world cup. Foreign investors can name 100 per cent of their companies in Qatar. Training and development expenses incurred in training Qatari nationals and giving employment to them, enjoy tax credit. They make Qatar develop suitable conditions for the entrepreneurial activities of foreign and domestic businesspeople. Key Takeaways Thus, the vast novel infrastructural developments and technological-driven economic diversification prospects give much exclusive opportunities in several domains of Qatar, including construction, tourism, transport, sports physical, healthcare, and education. Bureaucracy is, however, manageable hence aspiring entrepreneurs who are ready to work closely with bureaucracy will benefit from Qatar’s stable economy, non- existent taxes, and embracive attitude towards innovation given the country has been chosen to host the 2022 FIFA World Cup.

November 26, 2024 No Comments

Bahrain

Bahrain’s Resilient Economy: Navigating Challenges and Embracing Opportunities

Bahrain has a small open economy which offers it good opportunities as a financial services and logistic center in the region. It has endeavored to diversify its economy which was once dominated strongly by oil and natural gas but the sector is still significant. Located with little oil endowment, Bahrain can boast of one of the most diversification compendium among the member countries of the GCC. The economy has remained quite stable in the last few years even though this has come under pressure from low oil prices, the currentCOVID 19 pandemic. Real GDP was 3.9% in 2019 and -5.4% in 2020 due to the pandemic that affected sectors such as tourism and transport. During the year 2020, the government gave a generous level of fiscals aid that was equivalent 12% of the GDP to support businesses as well as, its citizen. Managing Volatility of Oil Price This Al akhbar paper looks into the factors that have affected oil production in Bahrain over the past decade in terms of fluctuations in price of crude. Decreased oil prices have revealed increased fiscals deficits and public debt. In this view, the government has sought to reformed and to cut spending in order to increase efficiency and rationalize subsidies. Bahrain has also attempted to reduce the burdens on its citizens by avoiding new taxes and fees. In the future, the country will search for ways to combine fiscal reforms with new social assistance measures for mid- and low-income households. The aim is to foster business and investment climate that boosts investment and at the same time increase social coverage. Opennesses in Financial Services First among the entrants, Bahrain has been able to set the foundation for a financial hub. It also hosts the most advanced financial market within the GCC kingdom contributing more than 17 percent of the GDP. Bahrain currently hosts more than 400 financial institutions of which are leading Islamic banks. As a result, Bahrain has an excellent opportunity to develop as a leading hub for financial and related technologies, as well as Islamic finance and financial services, owing to the availability of a well-educated workforce population, and business-friendly regulations. The kingdom only recently permitted so-called digital-only banks in its move to embrace financial technology. They also upgrade Bahrain to afford escalating demand for digital banking services in the GCC. Boosting Foreign Investment Promoting FDI absorption in the targeted sectors has become an important policy Agenda. FDI inflows through the net amount were $3.3 billion or 3.3% of the GDP from 2016 to 2020 and and reaching $2.66 billion in 2018, a 66% increment than the previous year. Despite these challenges, there is possibility for Bahrain to raise its attraction of technology and manufacturing FDI once conditions allow. Final Words Al akhbar’s Bahrain has improved transportation and logistic framework for the improvement of higher level industries. Thus the kingdom can foster competitiveness and attract quality investment if reforms concentrates on the areas of transparency, productivity and local talent. Co-investment with state funds could also make more attractive sectors that are targeted strategically.

November 26, 2024 No Comments

Latest News & Article

Day: November 26, 2024

Kuwait vs Qatar: A Comparative Analysis of Business Landscapes in the Gulf Region

Infrastructure and Construction in Qatar: A Booming Sector Driving National Growth

How Much do Espiritistas Charge for a Misa Session?

GPSSA Partners with Etihad Credit Bureau to Enhance Pension Contribution Compliance

Financial Services in Qatar: A Thriving Sector in a Growing Economy

Exploring Kuwait’s Economic Growth: Key Sectors Driving Prosperity

Emerging Business Opportunities in Qatar: What Entrepreneurs Need to Know

Bahrain’s Resilient Economy: Navigating Challenges and Embracing Opportunities

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