HSBC Bank Oman S.A.O.G. welcomed clients to the Al Bustan Palace, A Ritz-Carlton Hotel, for the annual HSBC Middle East Economist Roadshow. The event saw seasoned HSBC experts, David Bloom, Global Head of Foreign Exchange Strategy, and Simon Williams, Chief Middle East Economist, discuss the most important global and regional economic trends to watch in 2014. In its sixteenth year, the HSBC Economist Roadshow will travel to five countries in the GCC including Oman, United Arab Emirates, Kuwait, Qatar and Saudi Arabia.
“During its golden age, the Middle East possessed enormous economic power, with commerce, communications and transport reaching across Europe, Africa, and Asia. Once again, the region, which consists of more than 20 countries with a population of more than 400 million people, has the potential to become an emerging market leader and engine of world growth,” commented David Bloom, HSBC’s Global Head of Foreign Exchange Strategy.
Simon Williams, HSBC’s Chief Middle East Economist said, “The Omani economy has performed strongly since 2009 and continues to gather speed. The outlook is bright. Oil prices remain high and from 2014-18 the large scale public investment programme will offer additional support through initiatives such as the development of an integrated national rail, road and aviation network that will accelerate trade links across the region.”
Williams added, “With the economy still heavily reliant on hydrocarbons and public spending driven growth, the longer-term challenge is to curtail expanded public employment and channel spending towards developing a healthy private sector that will generate the jobs required to rebalance the economy away from oil dependence.”
HSBC Bank Oman serves more than 10,000 corporate clients from various sectors such as government, automotive, industry, oil and gas, telecommunications and construction. The Bank provides expert local and international advice and offers a comprehensive suite of products and services that are supported by global expertise to help make international business easier.