The Dubai-based private equity firm says that in order to provide this level of investment, regional governments must allow greater private sector involvement.

“Regional governments are not giving the private sector enough of an opportunity to play a role in developing infrastructure in the GCC,” says Faisal Belhoul, managing partner at Ithmar Capital.

Michael Queen, managing partner at 3i, a UK-based private equity firm, agrees. “It is very important to bring in external capital in infrastructure investment because it tends to get better value for money, reduces waste and fosters innovation,” he says.