Here, we take a look at the key Middle East emerging markets.

Middle East market overview

The most significant countries that are part of the Gulf Cooperation Council (GCC), which form a political and economic union of Arabian States, are:

  • United Arab Emirates
  • Saudi Arabia
  • Kuwait
  • Oman
  • Qatar

Economies in these countries are most lucrative because of their oil, gas and mineral reserves that have been in production for decades. 

Their economies are continually being fuelled by the world’s demand for energy and minerals, but they are now seeking to diversify and are looking at innovative products and services that will give balance to their productivity, and at the same time, create employment and new business opportunities for their nationals.

Despite weakened growth in the GCC in 2019, it’s estimated the region’s GDP will gradually cover throughout 2021. 

Australia has many similarities with the Gulf region when it comes to geographic and weather conditions, population distributions, mineral wealth, educational and lifestyle aspirations, food etc.

In the Middle East region, the United Arab Emirates is Australia’s most significant market, with exports to the country increasing by 6.3% between 2014 and 2019. 

According to Austrade, growth industries for exporters to the United Arab Emirates and broader Middle East region include:

  • agribusiness
  • aviation and aerospace
  • civil services
  • food and beverage
  • mining
  • water solutions.

Considerations for exporting to the Middle East

The process to successfully enter and operate in these markets varies between the individual countries and in some cases between regions in the same country. 

Examples of common issues include:

  • local participation
  • legal impediments
  • banking and finance
  • international agreements
  • intellectual property
  • free trade zone arrangements
  • language and business culture.

Entering into new markets, especially the Middle East, requires specialist assistance from organisations with experience and understanding of how local business is done.