An overview of the trends, challenges and legal and regulatory changes in the Middle East.
This article was first published by Law Business Research Ltd in Getting the Deal Through: Market Intelligence (Volume 4, Issue 2) - Project Finance (published in April 2017) who have agreed to Simmons & Simmons making it available on elexica.
The main trend over the past year has been the continuation of low oil prices. This has placed significant pressure on the major oil producers in the region. We understand that all five of the major producers in the region (Iran, Iraq, Kuwait, Saudi Arabia and the United Arab Emirates (UAE)) ran a fiscal deficit in 2016. According to market sources, the deficits ranged from 4% of GDP in Iran, to around 20% of GDP in both Saudi Arabia and Iraq.
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