Opportunity seen in the Middle East

Economic shift from oil to technology an opening for investors, HSBC says

The Middle East economy is going through a transformation from oil-based to knowledge-based, providing new investment opportunities for Chinese technology companies, according to senior executives of the global financial institution HSBC.

The transformation in the Middle East has been taking place for a few years now, as countries in the region work to reduce their dependence on the oil sector by expanding investment in non-oil based industries that produce goods and services. As a result, a significant amount of investment is taking place in areas such as infrastructure, medical facilities and educational facilities, said Kapil Chadda, HSBC's vice-chairman of global banking for Middle East, North Africa and Turkey.