General Electric Company (GE) expects rapid growth in the Middle East in the coming years, a senior executive said.

He said the company was growing, thanks to soaring sales of aircraft engines and power generation equipment and a possible entry into the Islamic finance business

GE International's chief executive, Ferdinando Beccalli-Falco, said he expected sales to have grown 250 per cent by 2010 to $10 billion in the Middle East.

'The Middle East is going to be, in the next three to five years, the fastest growing area in the world (for GE),' he told reporters on the sidelines of the FT Global Energy Leaders summit in London.

High oil prices are flooding the Gulf area with cash which is being channelled into new infrastructure projects, providing strong demand for GE's equipment businesses.

However, GE also provides financial services and Beccalli-Falco said the company was expanding this business in the Middle East.

The US conglomerate recently agreed a car leasing deal in Dubai and has held talks with potential partners about entering the Islamic finance business, Beccalli-Falco said, adding GE would not enter the market without a partner. Reuters