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MEA’s private banking forecast to hit $6.1 trillion by 2016

According to a report by The Boston Consulting Group (BCG), private banking sector in Middle East and Africa (MEA) is expected to see an average annual growth of 6.6% to reach $6.1trn by 2016, Khaleej Times has reported. This compound annual growth rate, mostly driven by continued strong gross domestic product, or GDP, expansion in oil-rich countries, is higher than the 4.7% surge in 2011. "We see this growth despite the fact that Middle Eastern and African stock markets suffered from the political instability caused by the uprisings across the Arab world in 2011," said Dr Sven-Olaf Vathje, partner and managing director at BCG Middle East.