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• We forecast that 2023 will end off with the solar power sector leading in capacity additions compared to other non-hydropower renewables types. This is supported by the segment’s cost dynamics, making it the lowest-cost renewables technology.
• For the long term, we expect non-hydropower renewables to grow strongly, supported by

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• The global oil and gas capital expenditure growth is expected to sharply decelerate from 2024 onwards compared with the levels seen between 2021 and 2023. Companies will become more cautious in spending amid growing market uncertainty and softening energy prices as they broadly continue to prioritise value over output growth.
• MENA

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• In 2024, we expect to see only slight improvement to mineral and metal prices due to weak demand in Mainland China and a subdued outlook for other major markets with global growth decelerating from 2.6% in 2023 to 2.1% in 2024.
• Heightened concerns over critical mineral resource security in major economies will continue to drive the

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• Over 2024, we expect a surge in grid investments as markets work to meet the transmission needs of growing non-hydro renewable capacities, with a focus on large scale projects and renewable interconnection.
• We believe that the preference for solar will intensify over 2024, further pushing solar's lead up when compared to wind as the

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• The medical devices market in Bahrain will grow by single-digits CAGR over 2022-2027, supported by growing healthcare expenditure and expanding healthcare access.
• We expect uptake of digital health technologies and evolving demographics will support increased demand for medical device products, with diagnostic products benefiting the

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• In 2024, consumers will remain cautious due to easing but still-high inflation, leading them to focus their spending toward essential items and smaller quality-of-life purchases, rather than large-ticket items.
• Purchasing power is expected to improve slightly year-on-year due to tight labour markets, and its impact on real wage

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• The food and drink sector will remain resilient in 2024, as the global consumer continues to focus on meeting their essential needs.
• Mass grocery retailers are predicted to revamp their loyalty schemes to provide benefits bundling, diversified rewards and convenience, in response to consumers desiring more than just discounts.
• We

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• We cut our 2023 estimate for Qatar’s real GDP growth from 2.1% to 1.0% after Q223 growth surprised to the downside. 
• In 2024, we expect that growth will rebound to 2.0% as stronger investment as well as private and public consumption will drive a recovery in the non-oil sector, while growing hydrocarbon output will support goods

Latest Developments: Market-leader OneComm has launched its 5G mobile network in Bermuda in November 2023, with newcomer Paradise Mobile expected to follow up with its respective launch by early December. Our view is that Paradise’s entry to the market will both capture some market share and improve Bermuda’s Internet of Things (IoT) ecosystem.