UAE hosts 89% of inter-Gulf investments

The UAE ranks first among Gulf countries in attracting inter-Gulf investments, according to an economist.

The United Arab Emirates is receiving 89% of the total inter-Gulf investments of which Saudi Arabia exports 90%, said Assistant Secretary General of Saudi Council of Chambers of Trade and Industry Ibrahim Al Qernas at the "Economic Integration among Gulf countries" meeting in Riyadh.

"Financial openness of member countries of the Gulf Cooperation Council vary", he said noting that banks are not playing an active role in the process of economic integration among members of the bloc.

On his part, dean of the King Abdullah Center for Studies and Research Dr Hamad Al-Al Sheikh said foreign assets in Gulf countries are estimated at US$ 1 trillion the majority of which are low-return US government bonds.