Wednesday 25 March 2009

UAE, Kuwait most affected by global slump within region -- Deutsche Bank

Countries with economies that are more integrated into the global economic network are to be more seriously affected by the global slump, and this means the United Arab Emirates and Kuwait in the Gulf region.

However, Deutsche Bank CEO for the MENA region Henry Azzam told attendees at a seminar here Monday night that the fundamentals in the region are better than those elsewhere. He said the governments in the region have great room to maneuver investment and development in view of a population of 35 million supported by foreign assets at some USD 1.2 trillion.

The seminar addressed causes behind the current economic downturn and certain aspects of it which affect the region the most, and the expert said average growth rate forecast for this year was 1.5 percent for Saudi, 1.8 for Kuwait, 0.5 percent in the UAE, 1.2 in Oman, 1.5 in Bahrain, and 10 percent in Qatar.

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