I’ve spent the past few days in Kuwait and Qatar, speaking with bankers, lawyers, and academics, as well as participating in the Arab Thought Foundation’s annual conference. Below are a few points of interest:
- Industrial Commercial Bank of China has around 30 staff at their Doha office. The branch had a spectacular opening in 2008, but apparently has been relatively quiet in 2009. The branch is reportedly keen to lend to gas and government-related projects.
- I later spoke with the Chinese Ambassador in Kuwait. No surprise, but China’s commercial relations with Kuwait are characterized by Chinese construction firms funded by Chinese banks. As an aside, the Ambassador, a multi-decade veteran of the Middle East, said his English was deteriorating because he uses only Arabic and Chinese.
- I hear that the Kuwait’s Emir recently purchased a jet that could transport his helicopter to Mongolia. Why? The Emir is a big fan of falconry, and Mongolia is one of the better places to participate in the sport. This confirms what I heard earlier from a lawyer based in Ulaanbaatar that Arab royalty are indeed regular visitors to the country.
- I’m still yet to meet Arab investors ready to plunge into China. There’s a lot of interest, but limited experience. Moreover, I’m left with the impression that Arab investors are spoilt for choice. Many are comfortable investing in Africa, the Middle East, South East Asia, not to mention Europe and the United States. For now, investing China seems too difficult, and I’m not expecting that to change in the next few years to judge by the slow pace of liberalization in China’s investment regime.
- What’s up with Turkish businessmen? Friends in Cairo tell me of influx. And now I’m hearing of much the same in the Gulf. I’ve earlier blogged on this phenomenon, and there seems to have been a real improvement in commercial relations between Turkey and the rest of the Middle East over the past year.
- I also hear that Kuwaiti businessmen are talking of Syria as the next big thing. Chinese businessmen think much the same. Let’s hope Syria’s economic reform momentum doesn’t fade.
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