GCC Regulatory Digest H1 2018

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The H1 of 2018 was more a continuation on the theme of easing the environment for doing business. Many of the reforms reflect the fundamental GCC preo.....

Summary

The H1 of 2018 was more a continuation on the theme of easing the environment for doing business. Many of the reforms reflect the fundamental GCC preoccupation to develop ecosystems that can thrive and compete internationally. Principally, the policy and regulatory environment across the GCC is witnessing a similar pattern of development in two areas—

1. Labor Markets
Labor markets experienced most of the regulatory changes in the majority of the GCC countries, in line with their mega programs relating to the localization of jobs, decreasing dependence on expatriate labor and aiming to provide a constructive and friendly work environment for the current migrant workers.

2. Legislation and policies for boosting the private sector
Secondly, GCC wide efforts to spur business activity has been noted during H1 2018 as attempts to offer investor friendly and smooth operational environments accelerate. There have been a number of legal and regulatory amendments especially in UAE, Saudi Arabia and Kuwait, with respect to providing the needed regulatory and legal impetus for businesses and industries. It is apparent that an overarching policy structure is taking place in the GCC with respect to supporting the next wave of economic growth from the non-oil sectors.

The coming decade should see much fruits from the ongoing efforts to create sustainable policy frameworks and project execution networks. Some countries may be ahead than others, but eventually, the entire GCC region is likely to experience intensification of economic diversification, leading to creation of high quality jobs and greater labor productivity.

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GCC Regulatory Digest H1 2018

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