The Middle East is growing and developing leaps and bound. Their infrastructure prowess is no secret to the world, but now they are also setting examples in the field of finance and business. Dubai International Financial Centre (DIFC) is ranked tenth among all international financial centers. In 2017, DIFC reported 25% increase in net profits to $99 million against the same time last year. Also, the numbers of registered companies have surged by 12% in 2017.
On other news, Egypt and Saudi Arabia signed a 10Bn$ deal to support Saudi’s NEOM project. The project aims to focus on industries including water and energy, food, media, advanced manufacturing, biotechnology and entertainment. It is expected to attract more than $500 billion of investment from the Saudi government, the Saudi Arabian Public Investment Fund (PIF) and international investors. NEOM’s contribution to the Kingdom’s GDP is projected to reach $100 billion.