Thain added that although he sees the Gulf as a long-term growth region for the bank, there is “no question that over the short term, these economies will slow”.
He said the theory that the Middle East economy was decoupled from the rest of the world was now discredited.
“Energy-producing countries will be somewhat protected from the global economic slowdown but world demand for oil is going to slow and that is resulting in the huge declines in the oil price,” says Thain.
He added that the global financial system would take “multiple years to recover” from the current crash.
Thain was in Dubai on 20 October as part of a regional tour to meet government figures and regulators in Abu Dhabi, Saudi Arabia and Qatar.
You might also like...
PIF entity makes $1bn Lucid placement
29 March 2024
Petro Rabigh awards KBR maintenance contract
29 March 2024
Diriyah Company seeks firms for demolition package
29 March 2024
Consultant appointed for Ellington Views RAK project
29 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.