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Financing Activity in Gulf Sees Signs of Recovery

Financing activity in the Gulf is on the rebound according to economists, the pan-Arab daily AL HAYAT reported Thursday. The financing of projects in Gulf countries was badly affected by the global financial crisis which erupted in late 2008, leading to the cancellation of various financing agreements after financing costs increased sharply. During the past six years, up until late 2008, the financing of projects, mostly in the energy and infrastructure projects, represented a major part of local banks' operations.

The past two months have witnessed increased financing activity in Bahrain, Qatar and the United Arab Emirates. Financing agreements at a value of $1.7 billion are expected to be executed in the near future to finance three major projects in Bahrain and Abu Dhabi. Economists expect the total amount of financing of projects in the Gulf to reach $25 billion in 2009, according to AL HAYAT. "A number of indicators reveal a rebound in financing activity in the region, the most important of which is foreign and domestic trade activity as well as the volume of credit which is considered an important indicator for economic activity". Chief Economist of the Dubai International Financial Centre Authority Nasser al-Saidi was quoted as saying. The rise in foreign trade exchange reflected positively on port and airport activity in Gulf countries as well as the trade financing sector, the paper said.
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Title Annotation:Regional Report
Publication:The Daily Middle East Reporter (Beirut, Lebanon)
Date:Sep 25, 2009
Words:236
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