GCC Business

Doha: The GCC countries account for 40% of the region’s output and its growth is projected to accelerate from 2.2% in 2024 to 3.5% this year and 4.4% in 2026. This will be driven by gradual phasing out of OPEC plus production cuts and strong non-oil sector expansion. Delivering the keynote address during the MENA Forum on Insolvency and Restructuring Reform, yesterday Sandeep Mahajan, World Bank Group Mena Regional Practice Director discussed the near-term outlook for the region, the longer-term challenges, particularly those linked to jobs and demographics. He also elaborated the role of the private sector and the importance of insolvency systems. The MENA region holds tremendous potential and its people are talented and entrepreneurial. Its markets are young and dynamic and the geographic position makes it a bridge between continents, cultures, and opportunities. Yet, potential itself alone is not enough, realizing it will require bold choices and shared commitments, he said. Explaining the near-term outlook, Mahajan said “As we look ahead, the economic outlook for the MENA region presents both encouraging signs and significant uncertainties. On a positive note, growth prospects have improved in recent months, reflecting stronger international trade, milder-than-expected tariff increases, and more accommodating financial conditions.” Global and regional forecasts at the World Bank for 2025 have been revised upward since last spring, a welcome sign that resilience and adaptability are at work. But at the same time, even with this improvement, global growth in 2025 will still be about half a percentage point lower than last year. That’s a reminder that momentum is there, but this momentum is fragile, he said. For the region, he noted that the average economic growth is expected to be 2.8% this year, 3.3% next year, and this compares to 2.4% in 2024. Inflation, thankfully, in the region remains contained. In most countries, the median inflation rate in the region is projected at 2.3% in 2025 and 2026, helped by lower global commodity prices and stable exchange rates. Mahajan said, across the region, “We are now seeing examples of leadership and reform that are shaping the business landscape. Qatar has taken a significant step forward with the law on establishing the investment in policy support. This reform has led to faster procedures and modern case management, a clear signal that Qatar is building a justice system that is fast and clear. From Qatar’s judicial excellence to Saudi Arabia’s leadership, from Egypt’s inclusivity to determination now seen in Morocco, Jordan, Pakistan, and elsewhere, one message shines through clearly - this region is not just keeping pace with the world, it is shaping it with a renewed spirit of leadership, and innovation, he added. Over two days, the forum features specialised sessions on building the capacity of insolvency practitioners through effective regulatory frameworks, licensing, and supervision. It also highlights the role of technology and artificial intelligence in improving legal and regulatory efficiency, and examines the relationship between laws and insolvency legislation. A workshop on preventive insolvency tools discusses advanced global restructuring strategies, including early-warning mechanisms and pre-insolvency frameworks. On the second day, the forum put spotlight on specialised sessions about building the capacity of insolvency practitioners through effective regulatory frameworks, licensing, and supervision. It will also highlight the role of technology and artificial intelligence in improving legal and regulatory efficiency, and examines the relationship between laws and insolvency legislation.

GCC Business

Doha: Minister of Commerce and Industry of Qatar, H E Sheikh Faisal bin Thani bin Faisal Al Thani, chaired the Qatari delegation at the 41st Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organisation of Islamic Cooperation (OIC), held in Istanbul from 1–4 November 2025 under the chairmanship of H E Recep Tayyip Erdoğan, President of the Republic of Türkiye. In his opening remarks delivered on behalf of the Arab Group, Sheikh Faisal underscored the Group’s strategic role within COMCEC, emphasising the importance of coordinating efforts to deepen economic and trade cooperation under the OIC framework, and strengthen bonds among member states in confronting regional and global economic challenges. He highlighted that the meeting was convened amid multiple challenges facing the Islamic Ummah, stressing the need to unify efforts and enhance joint action to consolidate security and stability, foster an enabling environment for comprehensive and sustainable development, and promote prosperity throughout the region. The Minister further noted that global economic transformations call for stronger cooperation among OIC member states to advance joint Islamic action, boost intra-OIC trade and investment, and remove barriers to integration and growth. His Excellency observed that, despite recent crises impacting the economies of the member states, it is forecast that the combined GDP of OIC countries would increase by nearly $2 trillion through 2026 to $31.6 trillion, representing a projected growth rate of 6.38%. The Minister added that efforts by member states to diversify economies, increase domestic output, enhance regional cooperation, and implement the Trade Preferential System (TPS) have contributed to a 13.56% rise in intra-OIC trade, which grew from $883bn in 2023 to $1 trillion in 2024. The share of intra-OIC trade in total foreign trade also increased from 19.16% in 2023 to 20.36% in 2024, marking a 6.26% rise. His Excellency commended the ongoing efforts by the Republic of Türkiye to promote joint Islamic action and advance the implementation of the COMCEC Strategy and its Programme of Action (2016–2025). On the sidelines of the meetings, Sheikh Faisal held separate meetings with H E Prof. Ömer Bolat, Minister of Trade of the Republic of Türkiye; H E Hassan Elkhatib, Minister of Investment and Foreign Trade of the Arab Republic of Egypt; and H E Atheer Dawoud Al-Ghurairi, Minister of Trade of the Republic of Iraq.

Qatar Business

Doha: The Ministry of Commerce and Industry (MoCI)with the World Bank Group and INSOL International organised the Middle East and North Africa (MENA) Forum on Insolvency and Restructuring Reform under the theme ‘Preserving Value through Efficient Restructuring and Exit.’ Delivering the welcoming remarks, Nasser Al Taweel, Director of Legal Affairs at MoCI said, “Indeed, we are going through delicate times, legally and economically. We need to develop the legal framework for the sake of sustainability. This forum is significantly important as it is held when we are witnessing developments in the legal framework in order to have an environment that is conducive to boost the economy.” “Having entrenched splendid laws is of great importance as a guarantee for luring the investors. Indeed, FDIs are very important, especially when it comes to our economy,” he added. During the last two years, MoCI deployed efforts to reach the first insolvency law in Qatar. “We want to attract investments, and following two years of diligent work and coordination, these efforts have culminated in putting into place of draft law. This law, if it is passed, it will affect positively the business environment. We have been cognizant of the fact that legislations are extremely important.” Al Taweel said, this forum is extremely important to exchange insights between the insolvency administrators and experts. We need to put into place a solid system in accordance with the best practices. The two-day event began yesterday and gathered regional and international experts to discuss key developments in the field. The event also saw a panel discussions and workshops highlighting international expertise in developing insolvency legislation and implementation mechanisms. Participants examined key challenges facing the region and discussed recent innovations aimed at streamlining insolvency proceedings, including electronic case management systems that accelerate processes and enhance transparency. Holly W Benner, World Bank Group, Country Manager for Qatar and Alastair Beveridge, INSOL President AlixPartners, UK delivered the welcome remarks during the event. They underlined the importance of developing effective insolvency and restructuring systems, strengthening regional cooperation, and adopting international best practices in this field.