Jihad Azour, director of the IMF’s Middle East and Central Asia department, recently noted that the ongoing conflict involving Iran has triggered the most significant oil and gas market disruption in modern history. Despite the severity of this shock, regional markets have demonstrated unexpected stability compared to past crises like the 1974 oil embargo or the Gulf Wars. Azour attributes this durability to successful economic diversification efforts and improved policy frameworks implemented by Gulf nations. While the IMF projects a regional economic contraction for the current year, it anticipates a robust recovery by 2027. Furthermore, Azour highlighted that substantial investments in artificial intelligence by the UAE, Qatar, and Saudi Arabia have positioned these nations to compete alongside more advanced global economies in terms of technological readiness.
Source : The National
Photo : The National
