Economic reform now firmly embedded in the region

While geo-politics may be the bugbear of the region, economic reform is now part of the new status quo, with serious reforms being undertaken across the Middle East.

Let us briefly re-cap on progress to-date. In Saudi Arabia the new Capital Markets Law is about to introduce an independent regulatory authority; the telecoms monopoly is also over, and many sectors of the economy are open to foreign investment.

Qatar has thrown open its gas sector to massive foreign inward investment, and liberalized the rest of its economy. Meanwhile Bahrain has won awards for its world-leading record for economic liberalization.

In the UAE many multinationals choose to make their base in Dubai, where a series of free zones and freehold property rights have dramatically expanded the local economy. Even Abu Dhabi has become a pioneer for independent power and water projects alongside Oman which has also recently privatized its airports.

And up in the Levant, Syria has allowed private banks to open for the first time in 40 years and Jordan pursues an open-door policy to foreign direct investment.

At the micro-level you feel the wind of economic change every time you walk into a bank and are greeted by modern services backed up by excellent IT infrastructure. This is where the pace of economic reform becomes tangible, and Internet banking is just another mark of progress.

For the Middle East has embraced economic reform in the past decade and the signs are everywhere: better service, more efficient administration and much less red-tape. So, where to next for the economic reform lobby?

Greater integration at the GCC level with a single currency, and the complete removal of all non-tariff barriers to trade is one target. And this needs to be combined with a greater integration into the global economy with Saudi Arabia joining the World Trade Organization.

The result will be greater prosperity for all, and a higher standard of living. That is the best thing about economic reform. There are no losers, only winners.