Funding crunch leaves GCC projects in the lurch | GulfNews.com:
"Lower oil prices will constrain the amount of funding available to GCC governments to finance capital and infrastructure projects which will force them to look at alternate solutions according to audit, consulting and financial advisory firm Deloitte.
“Spending in the region will need to be better prioritised in order to ensure it meets social and economic development. Governments will have to seek for the private sector involvement, innovate and find alternative funding sources to fund their project requirements,” said Cynthia Corby, Audit partner and Middle East Infrastructure and Capital Projects leader at Deloitte.
Shrinking banking sector liquidity and rising funding costs are expected to increase cost of bank funding for projects across the GCC. Overall bank liquidity in the Gulf region started to weaken visibly from the second half of 2015, and the trend is expected to continue this year."
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