A report that was recently released by the National US-Arab Chamber of Commerce has specified that US export levels to Arab Countries in the Middle East and North Africa will now sky rocket to a new level after a substantial drop last year.
It is estimated by this report that there will now be a 20% growth in these imports from the US to a new high level worth in the region of USD 75 billion. Whereas in the past the leading Middle Eastern market would have been China it is predicted that this will now no longer be the case. The report goes on to estimate that within the next decade the best investment opportunities will be within the Middle East and Africa. Statistics from the report also indicate that the most important emerging markets for the US will be the United Arab Emirates, Saudi Arabia, Qatar, Egypt and Iraq. The Lebanon is also a growing market.
The leading exported goods from the US are cars, civilian aircraft, telecommunication products and drilling equipment. Consumer products are also quite a substantial market at present. It appears at present a lot of the increase in exports from the US to the Middle East can be attributed to the large infrastructure projects that are going on here at present most notably in Saudi Arabia and Iraq. Libya and Algeria are now planning similar projects but they have not decided on a supplier for the vast amount of materials and equipment they will required just yet.Paul Holdsworth, Staff Writer, Gulf Jobs Market News