A new report by the Oxford Business Group released at Cityscape has ranked India as the number one emerging market in Asia, Africa, and the Middle East. The report, titled ‘The Market: Real Estate 2007,’ ranked 23 emerging markets based on investment opportunities in residential, commercial, hospitality and retail development.

Surprisingly, the study noted, the Philippines was ranked number two, followed by Turkey, Morocco, and Egypt.

The report also identified Saudi Arabia as the strongest investment prospect in the Arabian Gulf, while Syria presents a ‘notable opportunity’ for hotel and tourism development.

According to the report, the success of several North African countries in the rankings is due to the liberalisation of investment laws across the region which have eroded barriers to entry. It also noted that while the prominence of India in the rankings is no surprise, the results show that there are other sizeable and investment-friendly markets which have attracted less global attention.

‘It is not necessary that countries be wealthy to perform strongly,’ said the authors of the report.

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