Here are five leads into top business opportunities for businesses seeking to position themselves along growth sectors in the Middle East:

1. Finance and Banking ICT & Software: The Arab banking sector will invest $1.8 Billion in information and communication technologies in 2008, a 15% increase from what they already spent in 2007. Arab banks boast one of the highest rates of growth in technology investment in the world (mainly because they got on the boat a little later than everyone else). Ofcourse, being a late adopter in this sector also means that Arab banks are being fitted with the latest technologies in the industry, giving them an edge compared to banks using archaic systems. Canada has 83 ICT companies that specialize in the Financial industry. Please, at least one of you should go down there and grab a contract or two!

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1. Sharia-Compliant Hospitality Products: Aha! Read that again. It’s not Sharia-compliant Banking. This time, a new Islamic trend is set to launch, and with it a new need for niche products. This May, Dubai-based Al-Mullah Properties will announce plans to invest $2 Billion to develop an Islamically-compliant hotel brand portfolio appealing to lifestyle travelers – both Muslim and non-Muslim. A new chain of up to 90 international hotels (branded as Cliftonwood, Adham and Wings) will operate with universal Islamic codes such as no alcohol and Halal food only. If you are a manufacturer/exporter of luxury and fine food products for the hospitality industry, now is the time to think about new product lines or re-branding existing products.

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1. Cement and Construction Materials/Technologies: Everyone knows it. Dubai is the fastest growing city in the world, with anywhere between 15 to 25% of the world’s cranes working constantly on its towers. The real estate boom in the UAE is about to face a crisis. Cement is on back log! Zawya.com reported that “Companies that provide ready-mix concrete have issued their clients notices that they are not in a position to supply more than 45 percent of the ready-mix orders. In some cases, ready-mix companies have even ceased production.” If any company has a solution, get on the next plane to Dubai and bring home some goat meat! (sorry, no bacon in UAE)

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1. Recycling and Industrial Waste Management Solutions: With all that construction comes much industrial waste. Lots of it. Recycling and Waste Management technologies have an open opportunity here. (Edit July 13 2008: This recommendation has been confirmed here).

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1. Oil, Oil, and Oil: Duh! Oil services are still in high demand. Better, cheaper extraction technologies. Maintenance services for older wells. Training services for labour localization initiatives. It’s all there. This week Bahrain announced plans to add 700 new oil wells to meet increasing energy demands. This summer, Yemen will award its first round of contracts for off-shore operations, prompting a scurry by local firms to find international partners who have much needed expertise in providing offshore services in a market that traditionally relied on on-shore production.

And there you have it. If you are a company that found this advice helpful and was able to capitalize on it in any way, shape, or form… congratulations! You are one of very few smart chicks who found a crack in the shell of Canadian reluctance and broke out successfully!