The Gulf for case solvers

Each state in brief

• Saudi Arabia: the largest market (USD 1,277 billion of GDP, 36.0 million people). A national programme, Vision 2030, aims to build an economy less dependent on oil. The Public Investment Fund (the sovereign fund) leads many of its projects. Non-Saudis were 41.6 percent of the population in the 2022 census. Unemployment among Saudi nationals was 6.4 percent in the first quarter of 2026. VAT is 15 percent. Regulators include the Saudi Central Bank (SAMA), the Ministry of Investment and the Zakat, Tax and Customs Authority (ZATCA).
• United Arab Emirates: a trade, travel, finance and logistics hub (USD 572 billion, 11.4 million people). It has many free zones where foreign firms can usually own the whole company. Federal corporate tax is 9 percent on taxable income above AED 375,000, for financial years starting on or after 1 June 2023.
• Qatar: the richest per person (about USD 69,680) and a major exporter of liquefied natural gas (LNG). Its state company, QatarEnergy, is expanding output toward 142 million tonnes a year. The last stage is expected to start producing by the end of 2031. The 2026 war disrupted its LNG operations. QatarEnergy declared force majeure (it could not deliver as contracted) in March 2026. It was reported on 28 September 2026 to have extended it to shipments in November and early December.
• Kuwait: an oil economy (USD 158 billion, 5.1 million people) with a large sovereign fund. It introduced a 15 percent minimum tax on large multinational groups from 1 January 2025.
• Oman: smaller and less rich per person (about USD 20,000). It has passed a personal income tax of 5 percent for individuals with total income above OMR 42,000 a year, starting in 2028.
• Bahrain: the smallest economy (USD 48 billion, 1.6 million people), with a long-standing banking and finance sector.

• The 2026 war and the closure of the Strait of Hormuz cut oil and gas exports and output. Shipping through the strait was still heavily restricted at the start of October 2026. The deepest damage was in Qatar, Kuwait and Bahrain, with a smaller hit to Saudi Arabia, the UAE and Oman.
• Interest rates rose with the Fed: most Gulf currencies are pegged to the US dollar, so their central banks follow US rates. On 16 September 2026 the Saudi Central Bank raised its repo rate (its main policy rate) to 4.50 percent. The UAE central bank raised its base rate to 3.90 percent from 17 September. Kuwait pegs its dinar to a basket of currencies and can move differently.
• Taxes spread. The UAE has had a corporate tax since 2023. The UAE and Kuwait both added a 15 percent minimum tax on large multinational groups from 2025. Oman will tax high personal incomes from 2028.
• Saudi Arabia opened property ownership to non-Saudis under a new law that took effect on 22 January 2026.

• The state is often the customer, the investor and the regulator at once. Sales cycles run through ministries, state companies and sovereign funds, and many contracts favour local partners and local hiring.
• There are two consumer markets in one country: citizens and foreign residents, with very different incomes, family sizes and needs. Size them separately.
• Model taxes and risks explicitly. Tax and ownership rules changed often between 2023 and 2026. The 2026 war showed how much depends on one shipping route. So ask about supply routes and stock levels in any Gulf operations case.