Despite economic uncertainties in the Middle East due to Dubai’s credit woes, the oil-rich area remains a potential market for investment by Korean businesses, said Kim Hwa-nyeon, a senior researcher at the Samsung Economic Research Institute.
In a seminar hosted by the Korea Chamber of Commerce and Industry on the post-Dubai crisis situation in the Middle East, Kim said that “it is true that there have been skeptical views about the region’s economy since its vulnerability has been exposed recently,” but “it is a big market for Korea with growth potential.”
Oil revenues in the Middle East over the next 10 years is predicted to be 5.3 times the region’s current GDP, reaching $10 trillion, according to Kim.
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