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FINANCIAL NEWS
GCC chemical industry sees USD73.2b in investment
13 Jul 2011
(MENAFN) The GCC’s chemical industry saw USD73.2 billion in investment last year as it recovered from the global financial crisis, Arab News reported.
Saudi Arabia dominated the market, contributing 70 percent of the total investment. Qatar’s share of the chemical market was the next greatest, followed by Kuwait, Oman, UAE, and Bahrain, in that order, Gulf Organization for Industrial Consulting (GOIC) statistics showed.
GCC exports of chemical products, which may include basic chemicals, fertilizers, nitrogen compounds, plastics and synthetic rubber, pesticides, paint, ink, soap, cosmetics, and synthetic fibers, reached USD26 billion in 2008 before dropping to USD22 billion in 2009 after the financial meltdown, according to the latest GOIC data.
GCC chemical imports peaked at USD23.2 billion in 2008 but fell to USD20.7 billion the next year, GOIC data showed.
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