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Boasting well-developed communication and transport facilities, Bahrain is home to many multinational firms which have business in the Gulf. Petroleum production and refining make up more than 60 per cent of Bahrain's export receipts, 70 per cent of government revenues, and 11 per cent of GDP. This, historically, has been key in underpinning Bahrain's strong economic growth.
Lebanon has a free-market economy and a strong laissez-faire commercial tradition. The government does not restrict foreign investment, however, the investment climate suffers from red tape, corruption, arbitrary licensing decisions, high taxes, tariffs, and fees, archaic legislation, and weak intellectual property rights.
The West Bank and Gaza Strip is a united political entity, geographically comprised of two territories. The West Bank has an area of about 5,800 sq km, while the Gaza Strip extends on an area of about 360 sq km. The West Bank is bounded by Jordan on the East and by Israel on the three remaining sides. The Gaza Strip is bounded by the Mediterranean Sea on the West, Egypt on the South and Israel on the remaining sides.
To attract foreign investors, the Yemeni government has amended its legal framework to allow tax exemption and the export of foreign capital. The government is also considering deeper reforms to lay the foundations for its economic future.
Oman has achieved remarkable growth in all sectors of economy during recent years. Though oil remains single most important source of revenue, the expansion of non-oil sector is expected to make the growth and development process of Oman more sustainable in the long run.
A rapidly developing country, Turkey is seeking to modernise its economy. Turkey’s fast expanding economy, political and economic stability, and possibility of EU membership have attracted many UK investors and exporters in a broad range of sectors.
A decrease in the number of insurgent attacks coupled with an improving security picture in many parts of the country are helping to raise economic activity levels. Iraq's economy is dominated by oil, which has historically provided over 90 per cent of foreign exchange earnings. Government revenues have benefited from high oil prices in recent years but revenues have declined since the oil price drop 2008.
Kuwait is located in the Middle East and shares its borders with Saudi Arabia and the Republic of Iraq. Most of the country is a flat desert plain, broken by coastal dunes and escarpments, marshes and salt depressions around Kuwait Bay, and an oasis in Jahra. The country has nine offshore islands and Kuwait is essentially a city-state. There are smaller communities inland and to the south, but most of the population lives in Kuwait City.
The Syrian economy is a reforming economy and marked by increased growth, low levels of external debt and healthy foreign exchange reserves. Growth has picked up recently due to accelerated reform and new private investments.
Israel has a technologically advanced market economy with substantial, though diminishing, government participation. It depends on imports of crude oil, grains, raw materials, and military equipment. Despite limited natural resources, Israel has intensively developed its agricultural and industrial sectors over the past 20 years. It imports substantial quantities of grain but is largely self-sufficient in other agricultural products. Cut diamonds, high-technology equipment, and agricultural products (fruits and vegetables) are the leading exports.
The Qatari economy has grown strongly in recent years, and current GDP is estimated at some $52bn, up from $8bn as recently as 1995. Growth forecasts for the economy vary, but most estimates put growth at 10 per cent per annum at least for the next five years, with further growth of at least 7 per cent per annum beyond that.
In terms of per capital GDP the UAE is on a par with leading west European nations. Huge oil revenues and a progressive foreign policy stance have enabled it to play a key role in the affairs of the region.
Read Ras Al-Khaimah City Profile
Egypt has often been described as the heart and soul of the Arab world - and it is easy to understand why. With a fantastic strategic position at the eastern Mediterranean between North Africa and the Persian Gulf, the country is a major oil and gas producer with a diversified economy. With more than 80 million people, 64 per cent of whom are aged between 15 and 64, Egypt boasts excellent opportunities for a wide variety businesses.
Saudi Arabia is often called "The Land of the Two Holy Mosques" as it is home to Mecca and Medinah - the two holiest places in Islam. The largest country of the Arabian Peninsula, it represents a fantastic opportunity for UK exporters and investors alike.
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