Intra-MENA trade to double by 2020 -- HSBC
“Intra Middle East and North Africa (MENA) trade has the potential to double by the end of the decade to $300 billion” said Simon Cooper, Deputy Chairman and CEO, HSBC Middle East & North Africa, at the HSBC Regional Exchange - MENA conference last week.
“By building on this opportunity for growing trade, MENA countries can accelerate the development of the non-oil and diversified industries and services necessary for sustainable, long-term economic success.”
According to HSBC Global Research, the GCC will earn more from oil over 2011-14 than it did in the previous 15 years combined. In 2013 alone, the value of the region’s oil production will be roughly five times greater than it was just a decade before. However, while oil export offers the region several short to medium term advantages, alternative sources of growth and employment are required to promote more balanced, sustainable and competitive economies.
Tim Reid, Regional Head of Commercial Banking for HSBC MENA said, “We have already seen, and strongly support, the refocus of public spending priorities to create an environment in which a private sector-led, non-oil economy can prosper and lead the next phase of the region’s development. For example, an estimated $4.3 trillion of infrastructure spending is scheduled for MENA before 2020. However there is much scope for growing levels of regional trade to play an important role in helping the region to become truly globally competitive.
“MENA is an attractive market for businesses all over the world and the competition continues to heat up as multinationals continue to make their way here. The population is larger than the USA and it has a greater proportion of under 25s than any other faster growing region. These two factors alone showcase an attractive opportunity for businesses from many sectors. There is also a positive outlook for economic growth, and we believe businesses in the region have a good opportunity to build the scale required to develop as prominent regional export champions.”
- Let's just say nshallah! Egypt's back in business, says new survey
- Why Emiratisation, or any other GCC employment nationalization strategy, just doesn't work
- No sun on MENA's economic horizon? How today's political turmoil is crushing region's future edge in the global economy
- Why Egypt's army is bad at doing business
- Saudi Arabia's mass deportations reveal the horrifying reality awaiting Yemenis sent home
- HSBC Private Equity Middle East attracts $118 million
- Investor confidence in Dubai as hub for FDI in Middle East region grows, survey reveals
- World Bank supports knowledge and learning needs of the Middle East
- HSBC named the best trade bank in Middle East and North Africa
- World Bank: Middle East and North Africa region experiencing economic boom