The major source of economic stabilization in Middle East countries is oil production and export. However, in recent years countries are working to diversify their economy portfolio. The recent pandemic is causing turbulence to the economies of the Middle East region. A sudden drop in domestic and external demand for goods and products especially crude oil, downfall in the crude oil prices, halts in the production due to labor shortage are some of the major impacts observed in the region. Additionally, falling consumer confidence coupled with the tightened financial condition is also decreasing the economic activities in the region.

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Major industries that have been impacted in the Middle East due to COVID-19 pandemic include Energy, Aviation, Food & Beverage, Chemical, Retail & E-commerce, Travel & Tourism among others. A major downfall in oil demand has been reported all across the globe due to the effect of COVID-19. Due to this, many oil production sites have been shut down or has to decrease production in the region. The oil exporters of the Middle East countries are facing the additional shock of plummeting oil prices as a result of travel restrictions following the public health crisis. Additionally, the absence of a new production agreement among OPEC countries and Russia is decreasing the international crude oil prices. As a result, oil prices have fallen by over 50% in March 2020 as compared to the start of the COVID-19 outbreak in December 2019.

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On the basis of geography, the report is segmented into GCC countries, Isreal, Turkey and the Rest of the Middle East. GCC countries include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. By the end of March 2020, more than 35,000 cases and around 2,500 mortalities have been registered in the country. Various production and manufacturing operations are being disrupted and investment plans put on hold in various Middle East Countries. These adverse effects are the results of a plunge in business and consumer confidence observed in economies in the region. The COVID-19 pandemic spread is also affecting various key job-rich sectors. For instance, the tourist cancellations in Egypt have reached 80%, while hospitality and retail have been affected significantly in the UAE. Given the large numbers of people employed in the service sector, large unemployment is expected in the country. Iran is the most affected country due to the COVID-19 pandemic.

Verticals Affected Most

• Energy
• Food & Beverage
• Aviation
• Chemical
• Retail & E-commerce
• Travel and Tourism
• Others (Healthcare, Machinery, Gaming, IT & Telecom) .

Regional Analysis

• GCC Countries
• Turkey
• Israel
• Rest of Middle East

Company Profiles

• Abu Dhabi National Hotels (ADNH)
• Abu Dhabi National Oil Co.
• Arabia Holdings Ltd.
• Aramex PJSC
• Dubai Refreshment Co.
• Dubai Technology Partners LLC
• United Foods Co. (PJSC)
• The Emirates Group
• Etihad Airways PJSC
• Saudi Arabian Oil Co. (Saudi Aramco)
• Marriott International, Inc.
• OQ SAOC
• Qatar Petroleum
• SABIC

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