Gulf economies have embarked on a new growth chapter and the UAE remains one of the region?s powerhouses, Nomura, one of the leading global investment banks, said in a latest study. ?Its plentiful hydrocarbon resources and successful diversification drive have combined to create an economy with strong medium-term prospects,? Ann Wyman, Managing Director and Head of Emerging Market Research, Europe, said for the UAE. ?But the economic crisis has hit the country particularly hard, exposing some weaknesses in its rapid non-oil expansion of recent years.?
ABN Amro Bank N.V., which has moved its Middle East private banking operations to the Dubai International Financial Centre (DIFC), hopes to grow its assets under management from regional clients, a senior executive of the bank said recently.
Kuwait's parliament gave initial approval to a much-delayed privatisation bill allowing the sale of some state-owned entities, including some downstream assets in the country's energy sector. Kuwait's oil and gas fields are off-limits to foreign investment and would remain so, the country's Deputy Prime Minister for Economic Affairs Sheikh Ahmad Al Fahad Al Sabah said. It was unclear which assets may be up for privatisation. Several lawmakers opposed the inclusion of any energy assets in the bill, which they say should remain under the government's control to avoid corruption.
Bahrain has emerged as a globally competitive economy, said American Chamber of Commerce in Bahrain president Adel Al Safar. He was speaking as an AmCham Bahrain delegation wrapped up a business development mission organised by the National US-Arab Chamber of Commerce (NUSACC) in Washington. The delegation took part in activities in support of US-Bahrain trade and investment and a reception hosted by Bahrain's Ambassador to the US Huda Nonoo.
Iran is planning to boost the volume of trade exchanges with Bahrain to top US$5 billion annually. "We are keen to remove all obstacles impeding Bahraini businessmen in their relations with Iran," Iranian First Deputy President's assistant Dr Ali Agha Mohammadi said.
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