MENA needs USD100b annually to maintain growth

05 Jul 2011

(MENAFN) Dubai International Financial Center’s (DIFC) chief economist, Nasser Saidi, said that in order to maintain MENA’s growth rates and enhance its economic competitiveness, countries in the region would need around USD100 billion annually to invest in the infrastructure sector, reported The National.

Saidi added that since the GCC allocated some of oil revenues to constructing schools, hospitals, roads and bridges, almost USD2.9 trillion projects were planned or underway.

He also said that the Arab Spring showed the urging need for huge infrastructure investment in order to achieve more inclusive growth and job creation, adding that the private sector would have to contribute by supplying funds across the Middle East, North Africa and South Asia (MENASA).

It is worth noting that well developed infrastructure is considered a long lasting contributor to a transformation of economies and societies, where infrastructure investment can be the main driver to comprehensive development.

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