$30bn Qatar spend, mega GCC projects to drive Gulf growth in..

$30bn Qatar spend, mega GCC projects to drive Gulf growth in..:

"Qatar project spending estimated at $30bn this year and large-scale projects across the GCC will drive the region’s growth in 2014, a new report has shown.

In the short term, the GCC (Gulf Co-operation Council) region will drive Mena (Middle East and North Africa) growth, mainly through heavy spending on infrastructure, a QNB report said yesterday.

In the GCC region, many countries including Saudi Arabia ($50bn) and Kuwait ($25bn) have huge project spending outlay this year.

Dubai’s successful bid for the World Expo 2020 and a number of new real estate developments will boost project spending in the UAE. The Saudi government alone is spending in excess of $50bn on infrastructure projects through its budget, which excludes significant project spending by the private sector and state-owned companies.

The report also said greater integration into the global economy of the Mena (ex-GCC region) through increased trade openness and enhanced competitiveness could raise long-term regional growth prospects. Mena growth is a tale of two regions, the Mena ex-GCC and the GCC acting as a locomotive of growth for other countries."

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