Many people still think of the Middle East in terms of oil, but the fact is that the region as a whole is home to 210 million consumers, with some high-growth economies backed by a stable socio-political ecosphere and favourable government policies. The Gulf Cooperation Council (GCC) countries include Bahrain, Kuwait, UAE, Oman, Qatar and Saudi Arabia. Together they form a region of both high growth and a stable socio-political environment.
Surprisingly, the leading growth drivers for these economies are non-oil activities. Prime among these are construction and retail trade. The GCC region is home to over 45 million consumers, with a large percentage of foreign expats lending the region a cosmopolitan flavour. An average per capita of over $60,000 coupled with little to no taxation makes the region a consumption hotspot. The region is a significant market for British goods and services.
Governments of the region are increasingly showing a commitment to a commercial “mind-set” in encouraging foreign investments. From providing easy access to credit to updating laws and regulations to make them transparent and simple, the push toward ensuring ease of doing business is palpable. The region is home to a large, well-educated and growing workforce. The ecosphere provides a stable ground for British investments in manufacturing, marketing and delivering products and services.