Infrastructure Investment Sustains Growth
Global Finance › Vol. 24 Nbr. 11, December 2010
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Summary
Dubai's world-class infrastructure gave the emirate's creditors faith that last year's debt crisis was merely a speed bump on the road to a successful economic future for the trading hub and financial center of the Middle East. Bankers say the entire region will benefit from heavy investment in infrastructure by regional governments, backed by growing oil revenue. Meanwhile, Dubai is enjoying improving transportation and tourism receipts, as the global economy recovers. In neighboring Saudi Arabia, the biggest economy in the region, the opportunities for investing in infrastructure projects are enormous, Amr Al-Dabbagh, governor of the Saudi Arabia Investment Authority, says the kingdom will offer new investment proposals worth $500 billion in energy, transport and industrial projects over the next five years. Further to the north, Lebanon is on track to record its fourth consecutive year of economic growth above 7.5%, moderate inflation, high balance-of-payments surpluses and record growth for the banking sector.
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Infrastructure Investment Sustains Growth
Dubai's world-class infrastructure gave the emirate's creditors faith that last year's debt crisis was merely a speed bump on the road to a successful economic future for the trading hub and financial center of the Middle East. Bankers say the entire region will benefit from heavy investment in infrastructure by regional governments, backed by growing oil revenue. Meanwhile, Dubai is enjoying improving transportation and tourism receipts, as the global economy recovers.
Growth in bank lending to the private sector in the Middle East is picking up, but only compared with a...See the full content of this document
