GCC liq­uid­ity lev­els ‘am­ple’, says NBK

The Pak Banker - - Company& -

KUWAIT: GCC banks will feel the ben­e­fits of re­newed govern­ment spend­ing in 2011, as liq­uid­ity in the Gulf re­turns to pre down­turn lev­els, Ibrahim Dab­doub, CEO of Na­tional Bank of Kuwait (NBK), has said.

He said: "The GCC re­gion will con­tinue to grow, thanks ini­tially to the stim­u­lus pack­ages ini­ti­ated by gov­ern­ments, even­tu­ally sup­ported by strength­en­ing pri­vate sec­tor de­mand. The bank­ing sec­tor re­mains vi­tal for busi­ness ac­tiv­ity and will con­tinue to play a ma­jor role in re­gional eco­nomic devel­op­ment. There is am­ple liq­uid­ity and banks are in a good po­si­tion to tap into the var­i­ous govern­ment devel­op­ment plans that are un­der­way and which will be key con­trib­u­tors to eco­nomic growth and job cre­ation."

He added that fore­cast re­gional eco­nomic growth rates were "promis­ing by in­ter­na­tional stan­dards." He said in­vest­ments in the en­ergy sec­tor and in in­fra­struc­ture across the Gulf would be the key eco­nomic driv­ers in 2011.

"Within in­fra­struc­ture, the util­i­ties in­dus­try is an­other very im­por­tant and promis­ing sec­tor that is at­tract­ing the at­ten­tion of both gov­ern­ments as well as pri­vate sec­tor. -PB News

HARBIN: Tourists visit the Ice and Snow World ahead of the up­com­ing 27th Harbin In­ter­na­tional Ice and Snow Fes­ti­val in Harbin, North­east China's Hei­longjiang prov­ince. The park, themed with Dis­ney fairy tales, uses a record 180,000 cube me­ters of ice. -Ap

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