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| Oil wealth invested in local economies |
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Data: UNCTAD
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Gross domestic product in the Gulf Cooperation Council countries rose by over 116% between 2002 and 2006, which in turn has led to a dramatic increase in GCC banking sector assets. As petrodollars are recycled via the local financial institutions increasingly into funding the growth of the local economies. Banks in the region look set to continue performing strongly in spite of the credit crisis affecting many banks around the world. Because loans for long-term project finance and property are increasing rapidly, regional banks are facing an increasing maturity mismatch and will need to counter this by tapping the international syndicated debt markets.
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