Posted by John Noble on 20 Dec 2022
The economy of the Middle East is very diverse, with national economies ranging from hydrocarbon-exporting rentiers to centralized socialist economies and free-market economies. The region is best known for oil production and export, which significantly impacts the entire region through the wealth it generates and through labor utilization. In recent years, many of the countries in the region have undertaken efforts to diversify their economies.
Dubai has been described as an example of "centrally-planned free-market capitalism." Oil production, which once accounted for 50% of Dubai's gross domestic product, contributes less than 1% today.
This pace of change is widespread across the region, none more obvious than in Qatar, where over $200 billion was invested in infrastructure in order to host the 2022 FIFA World Cup. These Large-scale investment projects, bullish energy market, and optimistic consumers inspire many businesses to expand to the region.
So despite the global economy’s uncertainties, the Middle East market is poised to grow steadily and B2B marketers should be looking at how best to target decision makers in the region.