Spain to Lead a New European Economic Offensive in North Africa

Owing to booming oil revenues and aggressive sovereign wealth funds, rich Gulf countries have been leading the way as foreign investors in North Africa since 2003, as well as in the southern Mediterranean zone, displacing western investors.

But the ongoing global economic crisis appears to be reshuffling the cards once again. The southern Med (SoMed) region is also hit by the financial turmoil that started in the US market. As such, foreign direct investments (FDI) moving into SoMed dropped by an estimated 40% in 2008 in value terms to settle at €35.5 billion, according to ANIMA Investment Network. Continue here.