OMFIF turns its attention this month to the sands of Arabia and the waters of the Gulf to scan for signs of a revival in international business and financial confidence. Amid considerable uncertainty in the principal areas of the world economy, we are organising a visit to Qatar for the Second Main Meeting in the Middle East on 27-28 November, hosted by the Qatar Central Bank. We look at prospects for transformational and sustainable economic growth in a region that has been rocked by political instability in countries ranging from Syria to Libya but still provides the bedrock for world energy. This is demonstrated by a build-up of oil production among the big Gulf suppliers. In spite of the much-heralded rise in US shale production, the balance of power in the world energy market
remains solidly with the countries of the Gulf Cooperation Council (GCC) that feature heavily in this edition. Abdullah Saud Al Thani, Governor of the Qatar Central Bank, our host for the Main Meeting, sets down why the region is of pivotal importance not just for harnessing positive forces for expansion but also for well-ordered world governance. Fabio Scacciavillani outlines the main factors impinging on economic patterns across the Middle East and North Africa (MENA) and describes relevant precepts for deploying sovereign funds. Efraim Chalamish highlights changes in the investment management behaviour of these funds. Hamood Sangour Al Zadjali, Executive President of the Central Bank of Oman, discusses the move away from oil, with a focus on business and infrastructure. Nasser Saidi explains why the region needs its own resconstruction bank to spur development, similar to the institution launched in Europe after the fall of the Berlin Wall. Erik Berglöf and Hanan Morsy from the European Bank for Reconstruction and Development outline how Arab countries can benefit from European experience and global best practices. Nick Butler explains the pivotal role of gas in the global energy equation. Haizhou Huang gives us a more upbeat perspective for China, based partly on trade patterns with the rest of the world.