Mid East - Some reality: Project Finance International's Middle East survey this year is published in buoyant economic times - certainly in terms of project scheme announcement inflation. What is the reality?

Since 1995, the government of the Sultanate of Oman has undertaken to diversify the country's economy and decrease its reliance on revenues from the oil sector. By Katharine C Baragona, Director, Infrastructure and Energy Finance, Citigroup - adviser to Oman LNG/Qalhat LNG.

The Sohar IWPP raced to financial close late last year. In this case study Rajit Nanda, vice president in corporate and project finance at Suez Tractebel in the Middle East, Tom Teerlynck, general counsel at Suez Tractebel and Thierry Tardy, of BNP Paribas, examine the deal and the Mid East market.

The total estimated debt requirement for energy projects in Saudi Arabia is billions of US$. So how will the Saudi banking sector cope with increasing demand for long-term funds? By Saad-ur-Rehman, head of structured finance and syndications, Banque Saudi Fransi, Riyadh, Kingdom of Saudi Arabia.

The Middle East is in the process of implementing its largest expansion phase to-date, its fourth wave of expansion, and a staggering 23m tons per year of ethylene capacity is expected to be added in the next five to six years. By Rizwan Sheikh, senior consultant, Nexant.

The Mid-East oil kingdoms are leveraging their low energy costs to diversify into basic metals-related ventures just as commentators predict a sustained global boom in the sector. By Daniel O'Sullivan.