Infrastructure. Middle East’s New Go To Strategy
What could be exciting to those of us steaming up our shisha pipes in 50 plus degrees C of heat, humidity to match and sand filled eyes; to be living our lives by choice in the middle east? Seems its not only a few of us who saw the opportunity and gap. The newest entrant into the pack is the World Bank itself. With its decision to “close” the “infrastructure gap” for the Middle East and North Africa region by partnering with Islamic Development Bank for projects that abide by the Shariah Law; MENA sees a commitment of a 100 Billion Dollars from World Bank.
The World Bank recognizes that despite the high growth that the region has seen in the past few years; a strategic investment
a. to tap private flow of funds
b.to increase interest in Shariah compliant projects
will maintain the growth trajectory that the region has experienced over the last few years. The important aspect of this commitment is to recognize that though the Gulf region has used its Oil - fueled economies to grow its infrastructure liberally; it is the non- gulf countries which have lagged behind in infrastructure and flow of funds. Exploring funding administered by Shariah principles , will definitely increase the interest of private players abundantly in the region. Its the time for Egypt, Morroco, Jordan and Tunisia to close in and cover the gap.
