High Oil Prices Are Keeping Government Spending Flowing Strongly into Major Projects, While Debt-Laden Dubai Has Taken a Turn For the Better

Dubai’s world-class infrastructure gave the emirate’s creditors faith that last year’s debt crisis was merely a speed bump on the road to a successful economic future for the trading hub and financial center of the Middle East. Bankers say the entire region will benefit from heavy investment in infrastructure by regional governments, backed by growing oil revenue. Meanwhile, Dubai is enjoying improving transportation and tourism receipts, as the global economy recovers.

Growth in bank lending to the private sector in the Middle East is picking up, but only compared with a weak base a year ago. However, public sector investment in infrastructure projects remains robust and is having a trickle down effect on regional economies. High oil prices remain key to supporting public spending and restoring business confidence.

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