The Middle East region generally and the GCC in particular remains one of the brighter points in the global economy, Nenad Pacek of the CEEMEA Business Group told the Arabian Hotel Investment Conference (AHIC) on 5 May.

Speaking to hotel investors and operators Dubai’s Madinat Jumeirah, Pacek said: “Western European growth is still low and the central and eastern European region is underperforming.Russia is coming to zero growth because of the Ukranian crisis.”

“Suddenly emerging Asia is slowing,” Pacek said. “Latin America is almost a replica of emerging Asia. Brazil is down since the devaluation.”

“So if you are a global CEO you don’t have too many places driving growth other than sub-Saharan Africa and the Middle East and North Africa,” Pacek said.

“Competition is growing across the world tremendously. It is really intense,” Pacek said.”The primary reason for this is that all multinationals are desperate for growth.”

Pacek said corporations from China and other new global players are contributing to competitive pressures.

AHIC is organised by Bench Events and MEED.