Middle East could lead world out of recession

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Despite the efforts of the United States and Europe, the Middle East is considered to be the region most likely to lead the world out of recession, according to a survey of delegates due to attend the World CEO Forum in Dubai later this month.   Seventy six percent of senior business leaders surveyed, mainly from the US, the Middle East, Asia and Europe, said as much in response to the online poll. Sixty six percent said they were ÔÇ£very optimisticÔÇØ about the long-term prospects for their companies in the region, and a further 33 percent were ÔÇ£optimisticÔÇØ about doing business in the Middle East.   Over 50 percent predicted that imports to the United Arab Emirates from the US would more than double to $25 billion by 2015, with 100 percent of responders from the US agreeing their exports would rise.   Meanwhile, 92 percent said a similar increase would be seen in Chinese exports to the UAE, which totalled $14.9 billion in 2007.   Of the 188 responders 76 percent described themselves as CEO or owner of their organisation and 11 percent said their company had a turnover of more than $100 million.   ÔÇ£The long-term fundamentals of this region have not gone away overnight, and business leaders clearly see the UAE and the Middle East as a great opportunity,ÔÇØ said James Magee, CEO of the forum. ÔÇ£At the same time, governments are aggressively promoting investment to diversify the economy in a range of industries including finance, tourism, transport and manufacturing,ÔÇØ   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *