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Qatar, Saudi Arabia least affected by global recession
Qatar and Saudi Arabia are the Middle East nations that are least affected by the economic downturn, revealed an information by Proleads, as per the research conducted by the company.
The research by the company revealed that about half a trillion dollars worth of money have been invested in building projects across the region, although only 48 percent of these have been implemented.
With huge population, Saudi Arabia has sufficient domestic demand to ensure growth in all sectors, as several young Saudis enter workforce every years, said Emil Rademeyer, Director of Proleads Global.
Moreover, the government has prioritized job creation, and has laid heavy investment on infrastructure such as water, power, healthcare, transport and utilities. Added to this, the oil prices are much above $70 and are likely to remain there. Therefore the medium term forecast for Saudi Arabia is positive, he pointed out.
According to the Q4 2009 report by Proleads, there are projects worth $50mn to $5billion. Majority of the GCC nations are focusing on infrastructure projects, funded by government ministries, authorities, or government-related entities. Although the entire GCC has been affected by the global recession, there still lie tremendous opportunities within the region, said Graham Wood, Group Director at CityBuild Abu Dhabi.
Posted on 13/3/2010
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