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. 

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.

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. 

Key companies operating in Middle East Countries whose business operations are affected due to COVID-19 include Abu Dhabi National Oil Co., Arabia Holdings, Aramex, Dubai Refreshments, Dubai Technology Partners, Dubai World Trade Centre, Emirates Group, and Etihad Airways. As a result of the COVID-19 epidemic, on 24th March 2020, World Trade Center (WTC) Abu Dhabi and other commercials have been shut down as per the decision of the UAE Government for two-weeks. 

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on the Middle East Countries' economy. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and countries and the effects of COVID-19 on the Middle East Countries' economies of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the pre and post-COVID-19 impact on the Middle East economy.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Middle East economy.
• Insights about market determinants which are stimulating the Middle East economy.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.