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The Middle East and particularly those countries that make up the GCC did not escape the effects of the global recession in 2009. For example, leverage and asset price speculation in Dubai and Kuwait were as prevalent as anywhere else in the world. When the bust came it had the same consequences. It weakened the regions banking system and left a trail of bad debts and non performing loans. Unfortunately investors incurred losses where ownership and liability was not clear.

A benefit to the region is that the opacity that might have been accepted during the boom is now less likely to be accepted. The region is under pressure to set higher standards of corporate governance as both governments and companies recognise it is a necessary requirement to become fully integrated into the global economy.

Fortunately for the region the long term trend of higher energy prices and the strength of the region’s sovereign wealth funds will allow GCC countries to continue to invest and grow. On current trends, the 4% economic growth that is anticipated in 2010 will result in opportunities for both internal auditors already living and working in the region and for those who would like to relocate to the region.

Barclay Simpson’s Middle East Market Report 2010 takes a detailed look at both the effects of the recession and assesses the prospects for corporate governance in 2010 and beyond.
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