The GCC financial markets saw increasingly broad-based positive progress during the opening quarter of 2012, further building on the recovery that began to take shape in the second half of last year, according to the NCB Financial Market Quarterly Report.
The forward momentum was particularly evident in bank lending and the sukuk markets. By contrast, a secondary market recovery in the equity has to date not translated into a meaningful rebound for IPOs.
The encouraging trends are to a significant extent underpinned by the strong progress of the regional economies which have benefited from a transition to a more inclusive growth paradigm involving increased government spending as well as positive progress in the oil price and production levels, which have helped allay fiscal sustainability concerns, said the report.
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