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Tuesday, Jan 24, 2006


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`Oil boom in the Gulf will throw up $1 tr surplus capital'

Our Bureau

Kolkata , Jan. 23

THE oil boom in the Arab countries will lead to the generation of $1 trillion investible surplus capital (both private and public) in the region, and a massive capital investment programme was expected to be laid out in areas such as oil and gas exploration, construction, engineering, transportation, hotels, education, logistics etc.

This was stated by Mr Faysal Abou Zaki, Deputy Editor-in-Chief, Arab Business Magazine, Lebanon, while delivering his speech at the just concluded CII Partnership Summit 2006. Mr Zaki, speaking at a Round Table meet on `Economic diversification and political reforms in the Arab world - Impact on India', said this offered a tremendous opportunity for Indian companies looking at investing abroad, particularly in the Arab world. In his opinion, companies with massive surplus would be looking for acquisitions abroad, and that there was strong likelihood of them seeking out projects in India, especially in the hotel and tourism sectors.

India, Mr Zaki pointed out, besides increasing trade with the Arab countries, also needed to attract FDI from the region. "India should see the Arab market as a strategic market."

Mr Prashant Gulati, Hon. Secretary, Indian Business and Professional Council (IBPC) invited the Indian companies to raise capital in the UAE.

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