Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Investment destination: Attractive advantages exist for food and fast-moving consumer goods manufacturers

  Recent years have seen direct investment growing in Bahrain’s manufacturing sector. According to the Economic Development Board (EDB) – the kingdom’s export promotion agency – investment in manufacturing rose by 18% in the five years to 2018, and by 4.3% during the first half of 2018. Figures for full year 2018 show that the manufacturing, transport and logistics sectors accounted for a combined 24% of total direct investment to the country, amounting to around $200.3m. This figure was second only to the tourism, real

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George Richani-CEO-Al Ahli Bank of Kuwait

Major player: Stakeholders offer a positive forecast for the aluminium segment, despite external and internal headwinds

  As one of the world’s top-10 aluminium producers, Bahrain’s raw and value-added aluminium shipments account for the bulk of non-oil exports. With recent rises in manufacturing investment, the sector is set for a year of significant growth in 2020. Majority-state-owned smelter Aluminium Bahrain (Alba) is leading the implementation of the Line 6 expansion project to offer a major increase in production capacity, keep Bahrain among the world’s leading aluminium producers, and significantly augment non-oil and value-added exports in the coming years. However, downstream players

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George Richani-CEO-Al Ahli Bank of Kuwait

Perfect pair: A greater amount of entertainment options at malls is set to boost the shopping segment

  With the GCC retail sector valued at $253.2bn in sales in 2018 and tourists one of the main sources of mall footfall across the region, Bahrain is keen to consolidate its position as an important regional and international shopping destination. A major expansion of the kingdom’s mall offering is under way, while the upgrade and expansion of Bahrain International Airport is set to increase visitor capacity. Indeed, around 270,000 sq metres of retail space was expected to come on-line during 2019, bringing the gross

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Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Strong foundations: The kingdom continues to offer a range of support for start-ups

  With highly developed ICT infrastructure and a raft of government and private sector-backed incubation and development programmes, Bahrain’s start-up scene is built on a strong foundation. This enabling environment is helping many new firms to develop innovative ideas and personal passions into bankable businesses. As a result, the kingdom continues to see high demand for incubator and accelerator space, alongside the growth of projects in areas such as financial technology (fintech) and e-commerce. Bahraini Benefits In addition to its infrastructure and regulatory openness, Bahrain offers start-ups a number of other key advantages. On the company side, there is zero corporate tax and potential 100%

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Ahmed Zaki Abdeen-Chairman-New Administrative Capital for Urban Development

Facilitative framework: A range of new laws seek to establish an environment for growth

  In 2019 Oman introduced legal reforms that have the potential to provide a considerable boost to the economy and development of the country. However, the final impact of the reforms will be decided by the executive regulations, the detailed rules around implementation and the day-to-day operation of the laws. The reforms aim to improve the regulatory environment for investment and encourage greater private sector participation in the development of the economy. These objectives are in line with the national development plan Vision 2040 and the National Programme for Enhancing Economic Diversification, known as Tanfeedh. The new laws are wide-ranging, covering foreign investment, privatisation, public-private

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Mark Geilenkirchen-CEO-Port of Sohar

Returning to surplus: A number of fiscal reforms look to reduce the deficit

  Following the drop in oil prices in 2014, the government budget has fallen into deficit. As a result, the authorities have implemented a bold series of fiscal reforms since 2015 to shift the budget on to a more sustainable trajectory. For instance, 2019 saw the introduction of a series of new excise taxes, referred to as sin taxes, on alcohol, pork and meat. In addition, fuel subsidies have been reduced, there has been a freeze on hiring and promotions in the public sector, and a variety of non-essential capital investment projects were cancelled or postponed. Frame of Reference While implementing reforms, the authorities are

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Emmanuel Macron-President of France

Targeted development: National development blueprints outline priority sectors under broader efforts to diversify the economy away from oil

Uncategorized

  In its bid to drive diversification and economic growth outside the Muscat area, Oman has invested heavily in special economic zones (SEZs). A particular focus is on increasing the level of private sector activity, feeding into the Vision 2040 target of having 90% of GDP come from non-oil sectors and boosting the proportion of Omani employees in the private sector to 40%. Oman’s five-year plan for 2016-20 identifies five priority sectors for this diversification: manufacturing, tourism, transport and logistics, mining, and agriculture and fisheries.

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Xi Jinping-President of China

End-user to the east: Oman eyes China to provide a market for its natural gas supply

  In a context of growing international gas supply and expected demand moderation in the developed markets of US and Europe, Oman is hoping its strategic partnership with China will provide it with a ready market for its growing supply. In May 2018 Xi Jinping, the president of China, and Sultan Qaboos bin Said Al Said formalised the Sino-Oman strategic partnership aimed at elevating ties between the two countries. This was followed in November 2019 with an official visit to Oman by Wang Yang, chairman of the Chinese People’s Political Consultative Conference, where the countries signed another agreement to fortify their rising bilateral cooperation. Building

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Chaim Zach-Managing Director and CEO-Agric International Technology and Trade; Kabiru Rabiu-Group Executive Director-BUA Group; and Aliyu Abbati Abdulhameed-Managing Director

Fresh phase: Technological advancement is encouraging hydrocarbons exploration and production

  The exploration and production (E&P) of natural gas reserves is defining advancements in Oman’s upstream segment, with the sultanate pursuing a policy of inviting major global players to develop reserves of non-associated gas. Since the successful commissioning of the Khazzan tight gas project in 2017, which added 1bn standard cu feet per day (scfd) to the country’s gas supply, a number of largescale E&P projects – including the second phase of the Khazzan field – are set to continue. With regard to oil, technological advancement is playing a key role in E&P, as innovations in 3D seismic imaging, enhanced oil recovery (EOR) and waste

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Éric N’guessan-Managing Partner-EY Côte d’Ivoire

A series of renewable energy projects are on the horizon as the: sultanate looks to diversify its power mix Sun soaked

  A combination of factors, including climate change, rising energy demands and limited hydrocarbons resources, have driven Oman’s renewable energy agenda in recent years. Although renewables were estimated to have made up less than 1% of the country’s electricity mix in 2018, the Oman Power and Water Procurement Company (OPWP) aims to roll out 2500-3000 MW of generation capacity by 2025 in order to reach the target of 10% set by the National Energy Strategy. This will mean a considerable increase in the number and

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