By Damian Reilly
GCC banks will feel the benefits of renewed government spending in 2011, Ibrahim Dabdoub says
banks will feel the benefits of renewed government spending in 2011, as
liquidity in the Gulf returns to pre downturn levels, Ibrahim Dabdoub, CEO of
National Bank of Kuwait, has said.
said: “The GCC region will continue to grow, thanks initially to the stimulus
packages initiated by governments, eventually supported by strengthening
private sector demand. The banking sector remains vital for business activity
and will continue to play a major role in regional economic development. There
is ample liquidity and banks are in a good position to tap into the various
government development plans that are underway and which will be key contributors
to economic growth and job creation.”
added that forecast regional economic growth rates were “promising by
international standards.” He said investments in the energy sector and in
infrastructure across the Gulf would be the key economic drivers in 2011.
infrastructure, the utilities industry is another very important and promising
sector that is attracting the attention of both governments as well as private
sector. As the region develops, further spending on the utilities industry will
be required to keep up with current and future economic growth,” he said.