The New Middle East

16 Aug 2015

As the BRICS nations reach new heights of economic strength the next best countries to show their prowess in the new world of business are from the Middle East and North African region. The internet has brought a new world of business and freedom to the region. The countries are slowly looking at new ventures and business formats that are not dependent on energy and oil alone. This has given rise to many new developments in the economic and social development projects in the countries. The strife stricken region has long been viewed as an area of conflict that is best remembered for the wars, revolutions and oppressive human practices. Today the same region is being recognised for its initiatives in development in infrastructure and new roads it is paving in the IT industry. A few of the most significant developments can be seen in the region since the new age of economics started includes:

Education

Education has become important for new businesses to start and sustain their momentum. Constant dependence of foreign talent pool is reducing with more young people from the region pursuing college and graduate courses. Women are also slowly being offered an opportunity to pursue their education because of the growing need for skilled workers in the region.

Women Entrepreneurs

There has been a rise in the number of women entrepreneurs from the region in the past decade. The internet is offering woman an opportunity to pursue their career dreams while still staying within the confines of the strict Sharia law. Women are interacting with colleagues in the virtual world from their homes and from offices that are mostly populated by women alone. Thus giving them the long needed freedom and independence they have craved for many years.

Investment changes

The energy industry dominated the investments in the region for the longest time but today there is more concentration on investment in IT industry, real estate, fashion industry and retail. The investments have also extended beyond the region and moved into lucrative markets in Europe and America. From across the world large conglomerates in various industries are looking to invest into the region. Google is leading the pack in the IT investments and countries like Qatar are investing into popular industries in France, Italy and other North African nations.

Increased foreign national professionals

The number of professional foreign nationals who have taken up permanent residence in the MENA region has increased in the recent past. The increased infrastructure projects and opportunities in the new areas of sports has attracted some of the best talent from across the world to move into the MENA countries and offer their services for developing the countries in a number of special areas such as sports, IT, infrastructure, etc.

This new wave has brought hope to the region that is slowly recovering from the strife and conflict that has dogged its past. The new generation is looking to creating nations that are looked upon with respect by the rest of the business world and not just as nations that are thriving on energy earnings. With a vision to create a more stable Middle East in terms of both political and economic expectations, the younger generation is collaborating to create a future that is secure and prosperous.

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