MENA Projects: Saudi Arabia Still the Driving Force; UAE Slowdown Continues

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MENA Projects: Saudi Arabia Still the Driving Force; UAE Slowdown Continues(0)

Excerpt from Citibank report:

In October this year, $16.9bn of projects were awarded across MENA. On a cumulative basis, just over $82bn of projects have been awarded across the region in the year to end October. This compares favourably with FY10 when almost $80bn of projects were awarded. Saudi Arabia is the main driving force accounting for a third of the 2011 total. Iraq accounts for 20%.The UAE has awarded almost $14bn in the year to end October, almost $20bn below FY10.
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Egypt, Saudi Arabia, Qatar and the UAE are among the world’s 25 Rapid Growth Markets: Ernst & Young(0)

• 25 Rapid Growth Markets (RGMs) to grow by an average of 6.2% this year and by 5.9% in 2012, compared with 1.6% growth for the Eurozone this year falling to 0.6% next year.

• Qatar had the highest nominal GDP (US$) per capita at PPP in 2010 among the 25 RGMs and has also been the fastest growing economy over the last decade, with an average growth of 13%.

The dynamics of the global economy have changed with a new set of fast-growing markets challenging the position of the established advanced economies. The rapid growth markets (RGMs) are expected to grow collectively by 6.2% this year, almost four times more than the anemic growth expected in the Eurozone according to Ernst & Young’s new quarterly Rapid Growth Markets Forecast (RGMF).
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‘From Tahrir Square To Times Square’: Occupy Wall Street Goes Global(0)

Tens of Thousands Flood the Streets of Global Financial Centers, Capitol Cities and Small Towns to “Occupy Together” Against Wall Street Mid-Town Manhattan Jammed as Marches Converge in Times Square

NOTES FROM OCCUPWALLSTREET.ORG:

New York, NY — After triumphing in a standoff with the city over the continued protest of Wall Street at Liberty Square in Manhattan’s financial district, the Occupy Wall Street movement has spread world wide today with demonstrations in over 1,500 cities globally and over 100 US cities from coast to coast. In New York, thousands marched in various protests by trade unions, students, environmentalists, and community groups. As occupiers flocked to Washington Square Park, two dozen participants were arrested at a nearby Citibank while attempting to withdraw their accounts from the global banking giant.
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