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The upturn in the global economy has been reflected in the developments in the GCC where the pace of economic recovery has accelerated. Rising energy process, twin fiscal and current account surpluses, increased government spending and recovering private sector activity have all contributed to an improving economic environment. The financial sector is recovering, the oil and energy industries are continuing strongly and property and construction even in Dubai is beginning to develop some momentum.

The potential consequence of political unrest throughout North Africa and the wider GCC is of concern. Whilst Bahrain is the only country to experience any significant unrest, it has the potential to unsettle the region. However the resulting surge in oil prices is positive for most Gulf economies.

The development of effective internal audit and wider corporate governance functions has been delayed by the financial crisis. Whilst the crisis further exposed the need, as in other areas of the world, it has also halted the necessary investment. As the GCC becomes more properly integrated into the global economy the case for increasing investment will become compelling. We are optimistic that progress will be made in 2011 and that opportunities for both local and ex-patriate internal auditors will continue to improve during the year.

Barclay Simpson’s Middle East Market Report 2011 takes a detailed look at the events of 2010 and assesses the prospects for internal audit and corporate governance in 2011 and beyond.

To download the full report, simply click on the graphic or choose from the following links to go straight to specific sections of the report:

  1. Market overview
  2. Market commentary
  3. Analysis by sector
  4. Salaries
  5. Outlook


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