The Arab-Belgian-Luxembourg Chamber of Commerce was pleased to work closely with Voka - Chamber of Commerce Mechelen-Kempen in the organization of a webinar focusing on the strategic position of the Middle East as a crossroad between Europe and Asia, on 22 September 2021.

Middle East countries, and more particularly the GCC, have made much progress in terms of economic diversification over the past decade, and the pandemic accelerated efforts, thereby multiplying business and investment opportunities. The GCC still enjoy some of the largest sovereign wealth funds in the world, which is increasingly used to invest in non-oil projects, such as the development of SME’s, research and innovation, renewable energy, and digital technologies.

The KSA is setting the guidelines in terms of green transition with a series of ambitious projects aiming at reducing carbon emissions in the GCC by 60%. The solutions include the use of renewable energy and “clean” hydrocarbon technologies, as well as the massive planting of trees across the region.

Most Middle East countries, including the UAE, remain important investors themselves, but also deployed significant endeavours to offer an attractive business environment and welcome foreign investors. Special attention is paid to the development of human capital and education, and to a very wide extent, digitalization, including e-governance.  In a general manner, national authorities are often involved in their economies, and the public sector remains a particularly important economic actor.