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Iraq's economy is dominated by the oil sector. Oil exports provide over 90% of government revenue and 80% of foreign exchange earnings. Prior to the outbreak of the war with Iran in September 1980, Iraq's economic prospects were bright. Oil production had reached a level of 3.5 million barrels per day, and oil revenues were $21 billion in 1979 and $27 billion in 1980. At the outbreak of the war, Iraq had amassed an estimated $35 billion in foreign exchange reserves. Essential Information Area: 438,317 sq km
Visa Requirements: All visitors, except Jordanian and some other Arab nationals, require visas. Visitors must be sponsored and visas must be obtained in advance. Anyone remaining for more than 15 days must register with the residence department and may subsequently require an exit visa to depart. National Day, 3 October |
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Essential Information
Origins
The origins nationalist notion of cultural and political unity among Arab countries lie in the late 19th and early 20th centuries, when increased literacy led to a cultural and literary renaissance among Arabs of the Middle East. This contributed to political agitation and led to the independence of most Arab states from the Ottoman Empire (1918) and from the European powers (by the mid-20th century). An important event was the founding in 1943 of the Baath Party, which formed branches in several countries and became the ruling party in Syria and Iraq. Another was the founding of the Arab League in 1945. Pan-Arabism's most charismatic and effective proponent was Egypt's Gamal Abdel Nasser.
Arab League
The Arab League or League of Arab States was a regional organisation formed on March 22, 1945 (Alexandria Protocol) and based in Cairo. It initially comprised Egypt, Syria, Lebanon, Iraq, Transjordan (now Jordan), Saudi Arabia, and Yemen; joining later were Libya, Sudan, Tunisia, Morocco, Kuwait, Algeria, Bahrain, Oman, Qatar, the United Arab Emirates, Mauritania, Somalia, Palestine, Djibouti, and Comoros. The league's original aims were to strengthen and coordinate political, cultural, economic, and social programs and to mediate disputes; a later aim was to coordinate military defence. The official language is Arabic. The total Population of the Arab League was estimated at 345.98 Million in 2007.
Emerging Arab world and business opportunities
The Arab world, a home to more than 360 million people, representing 5% of the world’s population, with an area of about 13.3 million km2 (about 10% of the world inhabited land), and around 2799 billion dollars Gross Domestic Product (3.7% of global GDP), is playing a greater role in the world economy. Moreover, the Arab world will be a centre to the Islamic economy, estimated at US$3 trillion, a new economic paradigm that is likely to have a significant global impact over the next decade.
The abundant revenues of oil and gas made of the Arab world the largest region in terms of sovereign wealth funds in the world, with total assets estimated at about $1970 billion (38% of the total world assets). If well invested, the available huge funds are the stone corner to diversify the local economies in the Arab countries. In terms of investments in the Arab world as a whole, they have increased from $6.1 billion in 2000 to $79.3 billion in 2009, this level is comparable to that of China ($95 billion 2009) (UNCTAD data). The ongoing pattern of global growth, with emerging economies grow faster than their advanced counterparts, and the shift in the global economic power, ensures that Middle East and Africa are expected to be the fastest growing regions in 2018, which means huge needs in terms of investments mainly infrastructure, renewable energy, health, education, etc… just to mention a few.
With more than 135 million internet users in the Arab world, a new generation of entrepreneurs, passionate about technology, is emerging. This region is expected to post robust growth over the next decade both in terms of population and GDP. By 2015 the Arab population is forecast to reach 371m, about 50% increase over the level in 2000. Whereas the real GDP (based on PPP) is expected to grow by about 190%.
Doing business in the Arab world becomes a corner stone for the local governments. The battle is now between the economic ministers in terms of the most business-friendly economy. Several Arab governments implemented regulatory reforms in the past years aimed at improving the business environment. Investing the Arab funds locally and attracting FDIs are very crucial in order to satisfy the increasing needs for infrastructure, transport, education, health care, housing, business services, logistics, agriculture, oil and petrochemicals, financial sector, defense, industrial output as well as Islamic products.
In spite of the numerous advantages of the Arab world, the ongoing political turmoil hit hard many economies of the region. The absence of a demonstrated international competitiveness in either manufacturing or services as well as corruption constitute one of the main obstacles for doing business. Institutional reform, capacity building, reforming the education and the regulations facing business remains essential.
Moreover, the Arab world needs to create a dynamic private-sector in order to create sufficient employment. This will be done through high competitiveness, an educational system which meets the labour markets’ needs, and through encouraging applied sciences to transform ideas into real business projects, as well as through more consolidated trade and economic relations with the external world.
If the Arab region’s employment challenge can be successfully addressed, the region’s young demographic could then turn from a potential liability to a bonus. I believe it is time more than ever to invest in this region, not only because of the high return on investment, but also because the birth of the new economic paradigm, the future “G7”, passes through this region.
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Arab world major Statistics for 2013
Arab World Population by country source: World factbook, CIA
Arab World GDP at PPP ($ Billion
Source: World factbook, CIA, data for Libya and Somalia are for 2011.
Arab World GDP per capita
* Data for Somalia are for 2011.
Source: World factbook, CIA and International Monetary Fund.
Arab World exchange rate
Arab world: Gross domestic product (international comparaison with other emerging economies) current prices ($bn), 1991-2015
Arab world: Real GDP growth (international comparaison with economic blocs) current prices ($bn), 2012-2018
Arab world: Real GDP growth: comparaison between Oil-exporting countries
source: IMF regional economic outlook 2012.
* Total for oil importing including Iran.
Arab world: Real GDP growth: comparaison between Oil-importing countries
Source: IMF regional economic outlook 2012.
1. In the IMF data under West Bank and Gaza.
2. Data for 2011exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.
* Total for oil importing including Afghanistan and Pakista.
Arab world: Arab world Foreign direct investment flows (Million $) 2011
Arab world: Geographic distribution of FDI 2006
Arab world: Global Competitiveness Index: 2014-2015 rankings (vs. 2012-2013 rankings)
Arab World Largest Souveraign wealth funds
Ease of Doing Business Rank 2015 Source: World Bank
Arab world: Free trade agreements with Switzerland Source: UNCTAD
Arab world: Swiss direct investment in the Arab world (international comparaison): Million SFr Source: UNCTAD
Arab world: Number of tourists arrivals from the Arab world in Geneva hotels for 2012 (hotel arrivals) (International comparaison) Source: UNCTAD
Energy Sector
Oil Reserves by country 2015 (Trillion Cubic Feet)
Source: EIA
Gas Reserves by country 2015 (Billion Barrels)
Source: EIA
Oil Price
Crude Oil Export Price (US$/bbl)
Source: IMF
Trade between Switzerland and the Arab world
Switzerland: Exports to the Arab countries 2007-2014: Swiss Francs
Source of data: Swiss customs
Switzerland: Imports from the Arab countries 2007-2014: Swiss Francs
Source of data: Swiss customs
Switzerland Trade with the Arab World 2012: Swiss Francs
Source of data: Swiss customs
Swiss total Exports to the Arab World by Country 2014: million Swiss Francs
Source of data: Swiss customs
Swiss total Exports to the Arab World 2014: (Portion of total exports)
Source of data: Swiss customs
Swiss Total Imports from the Arab world by country 2014: Swiss francs
Source: Swiss customs
Swiss Total Imports from the Arab world 2014 (Portion of the total imports)
Source: Swiss customs
Swiss exports/imports with the Arab world (Million CHF)
Source: Swiss customs
Swiss main exports to the Arab world 2014 (CHF)
Swiss main Imports from the Arab world 2014
Source: Swiss customs
Swiss Exports to the Arab world by commodity comparaisons between the Arab countries
Swiss Imports from the Arab world by commodity comparaisons between the Arab countries
Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. The Egyptian economy relies heavily on tourist revenues. Egypt is the most populated Arab country, it counts about 82.1 million people, with $2,922 GDP per capita. The contribution of the Egyptian economy is about 0.3% of the emerging markets index MSCI. Egyptian population is rather young. The aged 15 years or less, about 34%, and the age group of youth from 15-35 years old about 35%. The people who represent the workforce in the category of 15-65 years old represent 62%, which requires a clear map to take advantage of the power work in economic activity.
Area: 1,002,000 sq km DEMOGRAPHY
National Day 23 July. |
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Djibouti’s economy is based on service activities connected with the country's strategic location and status as a free trade zone in the Horn of Africa. Two-thirds of Djibouti's inhabitants live in the capital city; the remainder are mostly nomadic herders. Djibouti provides services as both a transit port for the region and an international transhipment and refuelling centre. Imports and exports from landlocked neighbour Ethiopia represent 70% of port activity at Djibouti's container terminal. Djibouti has few natural resources and little industry. The nation is, therefore, heavily dependent on foreign assistance to help support its balance of payments and to finance development projects. Essential Information Area: 23,200 sq km Population: 792,198 (2013 est.) Capital: Djibouti Principal Towns:Dikhil, Tadjoura, Obock Languages: Arabic and French are the official languages. Afar, Amharic and Somali are also widely spoken. Gross Domestic Product: $1.4 billion (2012 est.) GDP per capita: $1,767 (2012 est.) GDP per capita (PPP): $2,700 (2012 est.) Gross Official Reserves: $0.2 billion (2012 est). Climate: Very hot and arid from April to August with average temperatures of 32°C but reaching 45°C. October through March is slightly cooler with occasional light rain. Currency: 1.00 USD ≈ 179.7 Djiboutian Franc (DJF), 1.00 DJF = 0.00556 USD. Visa requirements: Visas are required by all visitors, except French nationals, on short stay visits. Ten-day visas are available on arrival for US and EU nationals - an onward ticket is also required.
Djibouti National Day, 27 June. |
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Comoros is made up of three islands that have inadequate transportation links, a young and rapidly increasing population, and few natural resources. The low educational level of the labour force contributes to a subsistence level of economic activity, high unemployment, and a heavy dependence on foreign grants and technical assistance. Agriculture, including fishing, hunting, and forestry, contributes 50% to GDP, employs 80% of the labour force, and provides most of the exports. Export income is heavily reliant on the three main crops of vanilla, cloves, and ylang-ylang; and Comoros' export earnings are easily disrupted by disasters such as fires. The country is not self-sufficient in food production; rice, the main staple, accounts for the bulk of imports. The government is struggling to upgrade education and technical training, privatize commercial and industrial enterprises, improve health services, diversify exports and promote tourism. Remittances from 150,000 Comorans abroad help supplement GDP. The international donor community currently plays a modest role in the country’s development. According to the OECD statistics, Comoros received approximately US$25 million in development assistance in 2005. France was by far the largest donor contributing almost $17 million followed by UN agencies (including the World Bank) with over $7 million and the EC with over $4 million. Further, the economy is also significantly dependent upon remittances from the estimated 150,000-strong Comorian Diaspora in France and elsewhere. Economic development in the past two decades has been hindered by a combination of recurrent political crises, macro-economic imbalances, and external shocks. A gradual recovery of the economy is observed since 2008. Real GDP is driven by agriculture and services increased by 0.6% in 2008, 1.1% in 2009 and 2.1% in 2010.
Essential Information Area: 2,170 sq km
Comoros' National Day 6 July
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Bahrain is a banking and financial services centre; its small and reasonably prosperous economy is less dependent on oil than most Gulf states. Bahrain has taken great strides in diversifying its economy and its highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. Bahrain's economy, however, continues to depend heavily on oil. Petroleum production and refining account for more than 60% of Bahrain's export receipts, 70% of government revenues, and 11% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain competes with Malaysia as a worldwide center for Islamic banking and continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. The country’s limited oil reserves, which are expected to last only another 10 to 15 years, have led Bahrain to already make significant progress on developing the non-oil sector. Other major segments of Bahrain's economy are the financial and construction sectors. The financial sector contributes around 27 per cent of the kingdom’s GDP, while hydrocarbons contributes around 25 per cent. Manufacturing contributes around 13 per cent. The Kingdom is the main banking hub for the Gulf and a centre for Islamic finance with a total size of $800 billion, which has been attracted by the strong regulatory framework for the industry.
Essential Information Area: 695.25 sq km Principal Towns: Muharraq, Jidhafs, Isa Town, Awali, Hidd, Rifaa. No visa is required for GCC and British nationals. Other travellers must obtain entry visas in countries where there is a Bahraini consulate, these can then be extended locally. Travellers with an onward reservation may obtain a 72-hour transit visa at the point of entry. Bahrain National Day 16 December |
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Economy of Algeria Algeria’s economy is based mainly on oil and gas, it has the eighth-largest reserves of natural gas in the world and is the fourth-largest gas exporter; it ranks 18th in oil reserves. The hydrocarbon sector represents about 40–45 percent of total GDP and about two-thirds of budget revenues. Oil and gas resources account for 98 percent of the country’s exports and 70 percent of tax revenues. The chief challenges that Algeria faces in the short and medium terms are the need to diversify the economy, strengthen political and economic reform, improve the business climate, reduce regional inequalities and create jobs. Structural reform within the economy, such as development of the banking sector and the construction of infrastructure, moves ahead slowly. According to the World Bank indicator for ease of doing business in 2015, Algeria is ranked 154 out of 183 economies.
Essential Information Area: 2,381,741 sq km DEMOGRAPHY 39,5 (Million 2015 est.) (source: IMF) 0-14 years: 28.4% (male 5,641,148/female 5,378,207)
15-24 years: 17.4% (male 3,451,069/female 3,291,166)
25-54 years: 42.8% (male 8,398,770/female 8,209,634)
55-64 years: 6.2% (male 1,230,865/female 1,186,832)
65 years and over: 5.2% (male 931,769/female 1,094,262) (2014 est.)
Source: CIA factbook. total population: 80.2%
male: 87.2%
female: 73.1% (2015 est.) (Source: CIA factbook).
Nationals from the following countries do not require a visa to travel to Algeria: WTO accession: Observer Independence Day July 5 |
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