Bahrain In 2018 Bahrain has a per capita
GDP of 50,700. Bahrain has the Persian Gulf's first "post-oil" economy. Since the late 20th century, Bahrain has heavily invested in the
banking and
tourism sectors. The country's capital,
Manama, is home to many large financial institutions. Bahrain has a high
Human Development Index (ranked 48th in the world) and was recognised by the
World Bank as a
high income economy. Bahrain has expanded its industrial capacity to include
aluminum production and signed a
Free Trade Agreement with the United States in an effort to expand its export base. Bahrain has also positioned itself as a strong player in
Islamic banking in an effort to expand beyond resource exports and into a greater role in the international service industry.
Egypt .
Egypt derives a great deal of its foreign exchange from
tourism. Consequently, most of its labor force is devoted to the service sector. Agriculture is also a large part of the Egyptian economy. The
Nile River provides Egypt with some of the most fertile land in the Middle East. It produces food for consumption and export as well as
cotton for domestic and foreign
textile production. Egypt's other great resource is the
Suez Canal. Roughly 7.5% of global sea trade transits the canal providing Egypt revenues in excess of $3 billion annually. Egypt's industrial base dates to the 1960s, when the nation undertook
import substitution industrialization policies. The inefficiencies of the state-run program have led the government to begin a privatization program and as a result Egypt enjoyed substantial GDP growth in the first decade of the 21st century.
Iran Iran has one of the
largest economies in the Middle East. It is the
world's 18th largest by PPP.
Iran's major industries are largely state-owned. The nature of the
Iranian state-owned enterprises has led to a degree of inefficiency. Iran ranks 69th out of 139 in
Global Competitiveness Report. Iran has been able to
subsidize inefficient industry with its
large oil revenues, and maintain
respectable growth rates. The nature of the state-driven economy has led to significant
brain drain in recent years as
educated Iranians seek opportunities abroad. Consequently, Iran has begun a
privatization effort in order to stimulate trade in accordance with its ongoing
five-year plan, and has also undertaken an ambitious
economic reform plan. The chief advantage that
Iran's capital market has in comparison with other regional markets is that there are
40 industries directly involved in it.
Industries, including the
automotive,
telecommunications,
agriculture,
petrochemical,
mining, steel, iron, copper,
banking and insurance,
financial mediation and others trade shares at the
Tehran Stock Exchange, which makes Iran unique in the
Middle East. Iran has a
high potential to become one of the world's largest economies in the 21st century. In 2018 Gottfried Leibbrandt, chief executive of
SWIFT, said in
Belgium that some banks in Iran would be disconnected from this financial messaging service. On 13 November 2018
International Monetary Fund released a report and predicted that Iran's
inflation rate would go as high as 40% by the end the year. According to the Statistical Center of Iran, Iran's annual inflation rate stood at 42.4% during the month December 21, 2021 to January 20, 2022. Prices continued to rise for housing & utilities (28.5% vs 27.9 in January); transport (36.1% vs 35.3%); communication (3.8% vs 2.3%); and tobacco (35.0% vs 33.3%).
Iraq of Baghdad at night Iraq was one of the highly developed countries during the early years of regime of Saddam Hussein.
Foreign aid for
reconstruction has helped to bolster the nation's infrastructure. Despite country's instability, Kurdish and Shi'ite populated regions of Iraq have experience great economic development. Specially in religious tourism in Karbala and Najaf.
Israel at night|left The
economy of Israel is a highly
developed free-market economy. The prosperity of
Israel's advanced economy allows the country to have a sophisticated
welfare state with modern infrastructure equivalent to developed countries, and a
high-technology sector competitively on par with Silicon Valley. and the third-largest number of
NASDAQ-listed companies after the U.S. and China. American companies, such as Intel, Microsoft, and Apple, built their first overseas research and development facilities in Israel. More than 400 high-tech multi-national corporations, such as
IBM,
Google,
Hewlett-Packard,
Cisco Systems,
Facebook and
Motorola have opened
R&D centers throughout the country. As of 2025, the
IMF estimated Israel has the 25th largest economy in the world by nominal GDP, and one of the biggest economies in the Middle East.The country's major economic sectors are high-technology and industrial manufacturing. The
Israeli diamond industry is one of the world's centers for
diamond cutting and polishing, amounting to 21% of all exports in 2017. As the country is relatively poor in natural resources, it consequently depends on imports of petroleum, raw materials, wheat, motor vehicles, uncut diamonds and production inputs. Nonetheless, the country's nearly total reliance on energy imports may change in the future as recent discoveries of
natural gas reserves off its coast and the
Israeli solar energy industry have taken a leading role in Israel's energy sector. The country has developed a robust educational infrastructure and an effective business startup incubation system for promoting development of new technology. These developments have allowed the country to create a high concentration of high-tech companies across the country's regions. These companies are financially backed by a strong
venture capital industry. Its central high technology hub, the "
Silicon Wadi", is considered by some to be second in importance only to its
Californian counterpart. Numerous Israeli companies have been acquired by global multinational corporations due to their technological innovation and personnel. In its early decades, the Israeli economy was largely state-controlled and shaped by
social democratic ideas. In the 1970s and 1980s, the economy underwent a series of
free-market reforms and was gradually
liberalized. In the past three decades, the economy has grown considerably, though
GDP per capita has increased faster than wages. Israel is the most
developed and advanced country in
West Asia, possessing the 17th largest
foreign-exchange reserves in the world and the highest average
wealth per adult in the Middle East (10th worldwide by
financial assets per capita). Israel is the 9th largest arm exporter in the world and has the highest number of
billionaires in the Middle East, ranked 18th in the world. In recent years, Israel has had among the highest GDP growth rates within the developed world along with Ireland.
The Economist ranked Israel as the 4th most successful economy among developed countries for 2022. The IMF estimated Israel's GDP at US$564 billion and its GDP per capita at US$58,270 in 2023 (13th highest in the world), a figure comparable to other highly developed countries. Israel was invited to join the
OECD in 2010. Israel has also signed
free trade agreements with the European Union, the United States, the
European Free Trade Association, Turkey, Mexico, Canada, Ukraine, Jordan, and Egypt. In 2007, Israel became the first non-Latin-American country to sign a free trade agreement with the
Mercosur trade bloc. Since 2020, the inflation rate has grown relatively quickly in the span of 2 1/2 years, then having a slight drop in 2023. Due to the global trade tensions, and the appreciation of the
shekel have slowed the export recovery that started around the second half of 2024 with an increase, then instability going into the second half of 2024. 28% of Israeli merchandise
exports that shipped to the US, have a
tariff of below 7% on average, while services that make up most of
Israel’s exports to the United States, remain outside of the new US
tariffs. The exchange rates appreciation since October 2024 is also reducing the import price inflation. The import of goods is also facilitated by the initial rule of “what's good for Europe is also good for Israel” according to the
OECD report, where goods that meet the EU standards across the wide range of categories are also deemed compliant with the Israeli standards.
Jordan ]
Jordan operates a
rentier economy based largely on foreign aid, investment, and
remittances. Jordan heavily depends on its highly skilled workforce in the oil-rich
Persian Gulf to send back money to help support thousands of Jordanian families. Consequently, its economic fortunes are tied to events in the international community. Although the standard of living in Jordan is significantly higher than other countries with similar incomes, having among the best education and healthcare systems in the Middle East, many
Jordanians opt to work abroad because of soaring costs of living and high unemployment in their native country. Jordan is dependent on those remittances which have accounted for nearly 20% of GDP since 1975. Jordan's dependence has had detrimental consequences. Following
Iraq's 1990 invasion of Kuwait hundreds of thousands of Palestinians were expelled from other Arab nations. For Jordan this resulted in the significant loss of remittance revenue. Although the 2003
Iraq War first brought detrimental consequences to Jordan's economy, it gave Jordan a huge boost in trade and investment with wealthy Iraqis re-settling in Jordan;
Amman become a transit point for business and trade bound to Iraq. Jordan consequently became known as the "Gateway to Iraq" and later the "Gateway to the Middle East". Jordan's pro-business and pro-Western government has created incentives and free trade zones to spur further economic growth. Jordan's private sector growth has been given higher priority in recent years. Manufactured exports have increased by taking advantage of
Qualifying Industrial Zones, led largely through the growth of a
textile industry. Jordan's shift to a free-market economy has brought unprecedented amounts of investments. Jordan has one of the freest economies in the Middle East due to several key economic reforms in the past few years. Tourism, ICT, trade, and future
oil shale and uranium exports will form the backbone of Jordan's economy. Since gaining independence, Jordan's agricultural sector has experienced significant growth, with the added value of its production reaching JD1.691 billion and registering a 9% growth rate. Vegetable production has increased by 91%, and fruit tree produce has risen by 141%, expanding to meet both local and international demand. Jordanian agricultural products now reach 112 countries, with exports rising by 441% to JD1.5 billion. Livestock numbers have grown by 54%, totaling 3.8 million animals, and the value of animal products has increased by 279% to JD1.305 billion. Employment in the sector has grown by 38%, now encompassing 261,000 workers. The Agricultural Credit Corporation's capital has expanded by 213% to JD100 million, providing JD55 million in annual loans to 11,000 farmers. These developments underscore the sector's role in enhancing food security, economic integration, and job creation in rural areas.
Kuwait (KPC) in
Kuwait City The
Kuwaiti currency is the highest-valued currency unit in the world. In 2010 Kuwait had the second-most-free economy in the Middle East according to the
Index of Economic Freedom. 57% of Kuwait's
GDP comes from non-oil industry (mostly business services, manufacturing, retail trade, financial institutions, construction, transport and real estate). Kuwait also exports chemical
fertilizers. The per capita GDP is $51,912. As part of a diversification plan the Kuwaiti government has invested its revenues and maintains a sizable
sovereign wealth fund. In 2008 these investments accounted for more than half of Kuwait's GDP. 60% of Kuwait's work force are non-Kuwaitis.
Lebanon is known for its nightlife,
religious and
hospitalization tourism, and serves as a financial center. The
GDP per capita of
Lebanon was $16,000 in 2012 US dollars. At that time Lebanon had the highest in GDP per capita after 6
Gulf Cooperation Council (GCC) state members and Israel, as per the
CIA World Factbook. However, the economy of
Lebanon had been severely inhibited by internal
sectarian conflict and conflict with
Israel. The government incurred significant debt attempting to rebuild the national infrastructure following the
Lebanese Civil War. Through foreign assistance the nation had made strides to rebuild, but remained largely underdeveloped. Its trade deficit was nearly $8 billion and its external debt $31.6 billion. Lebanon's economy is being rebuilt, especially by the remarkable growth of its industry (including cement) and services sector which presents more than 70% of the country's economy.
Beirut is regaining its place as a financial center of the
Middle East with foreign investment returning in all sectors, encouraged by steady growth.
Oman . Oman has several different industries including crude oil production and refining, natural and
liquefied natural gas (LNG) production, construction, cement, copper, steel, chemicals and optic fiber. Oman also has substantial trade and budget surpluses. 55% of Oman's government revenues come from non-oil industries. Petroleum accounts for 64% of total export earnings, 45% of government revenues and 50% of GDP. Along with that plan the country hopes to move away from
rentier economics, employ its citizens in the labor market and reduce reliance on expatriate labor. The growth was higher than even Arab countries. For 30 years, Israel opened its market for Palestinian labor force. Many joint industrial parks were developed in borders of Israel and Palestine. Airports used to be in Gaza and Jerusalem which further supported economic development. At that time, even in disputed places of Jerusalem, many Palestinian companies had headquarters in the city. Production has dropped since the beginning of the
Second Intifada in 2000. The Gaza Strip has been
blockaded by Israel and Egypt since June 2007 after
Hamas took control of Gaza in the course of a
conflict with rival Palestinian group Fatah. In May 2010, the UN
Office for the Coordination of Humanitarian Affairs stated that the formal economy in Gaza has collapsed since the imposition of the blockade. The West Bank has fared significantly better since the
split in the Palestinian power structure, and
Fatah took power in the West Bank. The official GDP per capita of the West Bank was more than double that of the Gaza Strip in 2015. Palestine remains almost entirely dependent on foreign aid. Collectively, Palestine had a per capita GDP of $4,300 in 2014. Since 2010, Palestinian reform have seen economic boom in West Bank and quite in Gaza Strip. The recent years saw a large-scale development of shopping malls, luxury hotels, technology parks and industrial zones. Though 2000 intifada had destroyed Gaza and Jerusalem economy. But it fueled the growth of Ramallah into a financial and technical hub of the country. Massive oil and gas reserves have been founded in Palestinian territories. In 2000, natural gas reserves founded on the coast of Gaza Strip. Former Palestinian president Yasser Arafat lauded these reserves as a gift from God. This oil and gas reserves can fuel economic growth of Palestine.
Qatar Qatar currently enjoys the region's highest per capita GDP at $128,000. It has derived its wealth using its
natural gas reserves. With the revenues from its hydrocarbon industries Qatar has established a
rentier economy. Qatar has also established the largest per capita
sovereign wealth fund in the world. With a population under one million, the government has not found it necessary to diversify its economy.
Saudi Arabia , the
financial center of Saudi Arabia The economy of Saudi Arabia is one of the top twenty economies in the world and is one of the largest economies in the
Arab world and the
Middle East. Saudi Arabia is part of the
G20 group of countries. With a total worth of
$34.4 trillion,
Saudi Arabia has the second most valuable natural resources in the world. The country has the second-largest proven petroleum reserves, and is the largest exporter of petroleum in the world. It also has the fifth-largest proven natural gas reserves and is considered an "Energy Superpower". The economy of Saudi Arabia is heavily dependent on oil, and is a member of
OPEC. In 2016 the Saudi Government launched its
Saudi Vision 2030 to reduce the country's dependency on oil and diversify its economic resources. In the first quarter of 2019, Saudi Arabia's budget has accomplished its first surplus since 2014. This surplus that is accounted for $10.40 billion has been achieved due to the increase of the oil and non-oil revenues.
Syria Stemming from a 1960s nationalization effort most of the
Syrian economy is run by the government. However, an inefficient public sector, significant domestic subsidies, and considerable intervention investment in Lebanon have led to significant problems of inflation and external debt. Consequently, the Syrian government has undertaken modest privatization reform in preparation for the opening of the Damascus Stock Exchange in 2009. Modest oil production and an agriculture sector lead Syria's production while most of its employment is in the service sector. Its per capita GDP stands at $4,900. and
17th largest Nominal GDP. The country is a founding member of the
OECD (1961) and the
G-20 major economies (1999). Turkey has been part of the
EU Customs Union since 31 December 1995. Turkey is often classified as a
newly industrialized country by economists and political scientists; while
Merrill Lynch, the
World Bank and
The Economist magazine describe Turkey as an
emerging market economy.
Turkey is restructuring its economy in an attempt to gain full
European Union membership. It began this policy in the early 1970s, abandoning its previous
import substitution industrialization policy. As privatization has taken hold in Turkey it has brought with it significant
foreign direct investment. Additionally, the
Baku–Tbilisi–Ceyhan pipeline has brought revenue to Turkey and enabled it to share in some of the regional hydrocarbon wealth. Turkey's economy is currently led by its
automobile,
agricultural,
construction and
textile sectors. It has a per capita GDP of $15,666, supplemented by some 1.2 million Turks working abroad. Turkey's economy has been considered a regional success story in the past. As per the
Turkish Statistical Institute, a government agency committed to producing official statistical data on the country, the country's
inflation rate increased by 14.03% in November 2020. The statistics showed a 1.5 points increase as per the expected level; a 15-month high. As of December 2020 stats, the figures show a 2.3% increase in monthly consumer prices and a significant price rise in basic necessities such as food, beverages, and transportation. Meanwhile, the fall of the
Turkish lira has been reported for years. Since the start of 2020, it has lost more than 30% of its value as compared to the US
dollar and 30% against the
euro.
United Arab Emirates seen from the
International Space Station. The economy of the
United Arab Emirates (UAE) is the second largest in the
Arab world (after
Saudi Arabia), with a
gross domestic product (GDP) of $377 billion (
AED1.38 trillion) in 2012. The United Arab Emirates has been successfully diversifying the economy. 71% of UAE's
total GDP comes from non-oil sectors. Oil accounts for only 2% of Dubai's GDP. The UAE is also making an effort to attract
foreign direct investment by offering 100% foreign ownership and no taxes. Tourism is one of the main sources of revenue in the UAE. A rating agency,
Moody's Investors Service revised its rating of eight UAE banks from stable to negative amidst the
coronavirus outbreak. The eight banks included
Emirates NBD,
Abu Dhabi Commercial Bank,
Dubai Islamic Bank,
Mashreq Bank,
HSBC Bank Middle East,
Abu Dhabi Islamic Bank,
National Bank of Ras al-Khaimah and
National Bank of Fujairah. The UAE cabinet introduced a UBO law in early 2021 after global pressure for financial transparency in the corporate sector increased. The pressure was sourced from the investigations carried out by the
International Consortium of Investigative Journalists like the 2016 Panama Papers pushing to pass the
Ultimate Beneficial Ownership or UBO registries. Following Dubai's increasing role in being a safe haven for the investment of illicit funds and provision of financial secrecy to people behind it – as disclosed under other ICIJ probes such as
FinCEN Files and
Luanda Leaks – has led to the introduction of the beneficial ownership law in the UAE. According to ICIJ, companies not abiding by the law and failing to report beneficial ownership information will have to bear administrative penalties and fines worth approximately 100,000 UAE dirhams, starting July 1, 2021. However, considering the lack of a centralized register to track all financial activities, loopholes, and exemptions in the UBO law itself, advocates believe that it isn't enough as a standalone to control money laundering in UAE.
Yemen Yemen has suffered from chronic economic mismanagement. With 85% unemployment, the nation relies heavily on expatriate
remittances. The reliance on foreign labor markets proved disastrous following the 1991
Persian Gulf War when Saudi Arabia and Kuwait expelled Yemeni workers and curtailed aid to the country in response to its support of Iraq. ==Job index==