Despite the difficulties many economies around the world are facing, the Middle East and North Africa region (MENA) seems to be weathering the financial storm.
That there are lucrative business opportunities waiting to be exploited was underlined recently at the HSBC MENA/Turkey Forum, held in Dubai.
MENA business leaders attending were urged to boost their engagement with the Turkish market which was described as “highly lucrative”.
Turkey is one of the fastest growing emerging markets in the world with impressive economic growth rates, expanding by 8.5% in 2011 – ahead of IMF expectations of 7.5%.
Over the last decade, its GDP per capital has tripled, reaching USD 772 billion in 2011, up from USD 231 billion in 2002. As part of its Vision for 2023, the country has set some ambitious goals.
Not only is Turkey looking to become one of the top 10 economies in the world, it also aims to achieve a gross domestic product of $2 trillion, increase annual exports to $500 billion and achieve a foreign trade volume of $1 trillion.
Mr Vural Altay, Turkey’s ambassador to the United Arab Emirates, speaking at the meeting, said Turkey offered rich opportunities for MENA companies in the areas of agriculture and food, energy, tourism, real estate, finance, healthcare and many others.
He said, “My message to the MENA business community, in particular to the UAE business community is to utilize the vast opportunities that the Turkish economy offers needless to say to the benefit of both sides. And if we can do that I am sure that our relationship and togetherness will reach higher levels.”
Tim Reid, Regional Head of Commercial Banking for HSBC UAE and North Africa (MENA), said Turkey was aiming high but its goals were attainable.
He said, “The country’s geographical location makes it a natural bridge between the East to West and North to South axes, providing easy – cost efficient access to businesses around the world.”
Wealth-X, which provides its clients – private bankers, prospect researchers, fund-raisers, business development professionals, marketing executives – with corporate intelligence on ultra high net worth (UHNW) individuals, along with the privately held-companies they control, has just launched in the Middle East, another sure indicator business optimism is growing.
Guests at the launch at the Park Hyatt Hotel, Dubai, included not only Wealth-X clients, but also major industry leaders, too.
Wealth-X President David Friedman said Wealth-X was clearly shaping the way business was being done with the ultra wealthy in the region.
He said, “As highlighted in our recent World Ultra Wealth Report 2012-2013, there are 4,595 UHNW individuals in the Middle East with a combined wealth of US$710 billion.
“We are excited to be the first real option for Middle East business development professionals in private banking, luxury and philanthropy to gain insights into these individuals to build mutually beneficial business relationships.”
Wealth-X works with eight of the top 10 global private banks, leading educational institutions, not-for-profits and luxury brands. Its online business development solution profiles individuals who represent $10.7 trillion of the world’s net wealth.
The Wealth-X database additionally offers exclusive details on ultra wealthy individuals, including their wealth, income, passions, philanthropic interests, affiliations, politics, advisers, families and biographies.
With its headquarters in Singapore, the company has offices in Beirut, Budapest, Guangzhou, Hong Kong, Kuala Lumpur, London, Lugano, Madrid, Mumbai, New York and Sydney. It is regarded as the global leader on UHNW individuals and the worldwide standard for professionals working with the ultra affluent.
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