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Article: Gulf businesses see clearer outlook, stay cautious.
- Article from:
- TradeArabia (Manama, Bahrain)
- Article date:
- October 29, 2009
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Byline: Dubai
From banks to property firms, executives across the Gulf region and Egypt told Reuters they believe the worst of the financial downturn is over, but many warned of more bumps along the way.
'This has been an extraordinary year, things fell off a cliff overnight,' Mustafa Abdel-Wadood, managing director of Abraaj Capital, the Middle East's biggest private equity firm, told the Reuters Middle East Investment Summit this week.
'I don't think we are still in a very pretty place regionally or globally, but there is better visibility.'
The Gulf region's six-year oil boom came to an abrupt end last year as the credit crunch ...