S&P: MENA region buoyant after supportive 2010

In line with the global equities markets, 2010 was very forgiving for the Middle East and North Africa (MENA) region, with most managers believing the worst is over and now is the time to invest in the region.

In 2010, the top-down environment continued to be buoyant, with all the governments in the GCC running healthy budget surpluses, with inflation under control and no serious geopolitical events undermining the stability of the region. Government spending in all markets continued, although in some cases at a slower pace than initially expected. From the bottom up, the picture also looked promising, with a number of companies fulfilling investor expectations, and a good stream of IPOs. The majority of 2010 was driven by the controversy surrounding Kuwait and one of its highest profile co...