A discussion on the region’s economic resilience concluded that oil and gas prices will continue to rise, providing unique investment opportunities, but the region’s greatest challenges are likely to be in managing expectations, lowering trade and investment barriers and educating the next generation to handle the wealth that is now being produced.
“It is high time to break down the barriers and to take the region to a new level,” noted Yasser Al Mallawany, chairman and CEO of Egypt’s EFG-Hermes Holding.
He added that, in much of the region, politics continues to overshadow economic decisions.
Dubai was singled out as a major regional success story that, with no oil or gas resources of its own, has managed to achieve success by opening up and building an economy based on ideas and service.
The most likely candidate to be the region’s financial centre was seen as Saudi Arabia because of its concentration of capital.