The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Gulf states ride out worst of the storm

Sectors such as tourism have been mauled in the wake of September 11 events. Yet the broader regional economy is coming through that crisis and the global downturn in far better shape than during the Gulf War. Low oil prices are a concern. But, with confidence intact, capital is returning to local markets as a result of poor returns elsewhere and major project finance deals are under way.

Saudi Arabia resisted the temptation to overspend
as the oil price rose and this may help it now, as the price falls

A senior banker considering a business trip in the wake of September 11 is hesitant. "Some of the stories I have heard about the way fellow nationals have been treated make me nervous about travelling there," he says. It's not a US banker worried about the risks of venturing outside North America but an Arab chief executive contemplating a US trip.

One of the casualties in the aftermath of the attacks has been global confidence in the Middle East. Immediately after, crude oil prices spiked. But since then the fear has been that a global economic slowdown might drive the oil price down, possibly to as low as $10 a barrel. "These events have brought home to us that we live in a global village and that we cannot be immune to international events," says Michael Tomalin, chief executive of the National Bank of Abu Dhabi.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree