With millions of barrels of oil and cubic metres of gas sloshing and floating around the Middle East and North Africa (MENA) region, it’s hardly surprising businesses from all over the world tend to target this incredibly rich and culturally diverse area. And thanks to modern and innovative banking solutions, a range of useful import services can help make the trading experience a whole lot easier, not to mention safer, for companies in the US, UK and Europe looking to break into and exploit such lucrative overseas markets.

Egypt ticks a lot of the boxes

Yes it does. Despite all of the unrest following the 2011 revolution, Egypt still remains a country with long-term prospects. The country’s underlying economic fundamentals are sound, say commentators, even despite the present and sometimes seemingly insurmountable political difficulties. It’s growing population of some 84 million people is the largest in the region.

Egypt’s natural gas reserves have grown rapidly in recent years, establishing the segment as the most vibrant in the wider energy sector, according to the Oxford Business Group (OBG). In 2010, the US Geological Survey released its assessment of the Nile Delta basin, one of the two principal gas-producing areas in the country, declaring that the regions undiscovered but technically recoverable gas resources were three times larger than estimated.

The OBG says, “Since then a string of gas discoveries has been announced by oil and gas companies working within Egypt’s jurisdiction, including a number of finds this year alone. In May, US-based Apache Corporation released details of two significant discoveries in its North Ras Qattara and North Tarek concessions, and the most recent find in the Salamat field, announced in September by British Petroleum, has served to reinforce the optimism surrounding Egypt’s offshore gas prospects.”

Free zones

The United Arab Emirates (UAE) in the Persian Gulf represents another lucrative target for overseas investors and entrepreneurs looking to cash in on business opportunities. The UAE makes it easy, too, with dozens of free zones established aimed at attracting both small and medium-sized enterprises and the largest multinational conglomerates in the world.

Business concessions include no personal or corporate tax levied, 100% foreign ownership allowed, 100% repatriation of capital and profits, no foreign exchange controls, purpose-built infrastructure if required and little or no restriction with regard to hiring and firing staff. Throw in low-cost utilities and modern communications, including excellent roads, ports and airports, and it’s not hard to see why companies around the world are queuing up to take advantage.

Diversification away from oil

That’s the reason for the establishment of free zones. Oil won’t last forever and it’s no good simply being a one-trick economic pony nowadays and waiting for the inevitable day. Other countries in the Persian Gulf also face similar challenges and are toying with diversification to a similar or lesser extent.

A recent survey of some 90 institutional investors across 12 MENA countries found investor sentiment was extremely positive towards the UAE, Saudi Arabia and Qatar. The UAE, not surprisingly, came top of the investor league table of desirable locations. It’s not hard to see why.

Check out the full OBG report into Egypt’s rising gas potential here.