The price of oil has nearly doubled since the beginning of the year, reaching the $70-$80 per barrel level necessary to ensure a return to vibrant economic activity in the six Gulf Co-operation Council states.
Stock indexes in Saudi Arabia and the United Arab Emirates – which account for two-thirds of GCC stock market capitalisation – have risen by about a third. Spreads on sovereign credit default swaps have been falling steadily.
Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s ruler, said this month: “I am confident that the worst has passed, and that, as the global economy stabilises, Dubai today is well placed to exploit its inherent strength.” And over the summer, a Dun and Bradstreet business optimism survey in Saudi Arabia showed confidence increasing in all sectors, with nearly half of those questioned confirming plans to expand their businesses.
Oil's prices are increasing day by day, and the countries having this wealth are getting rich day by day.
ReplyDeleteOil wealth is gift of God for the Arabians.
ReplyDeleteArabians are lucky in this way, God has gifted them the real wealth.
ReplyDeleteWell said, Arabians are lucky having the wealth of oil but the benefit is going to the Americans and Europeans.
ReplyDeleteArabians has the wealth which is useful for producing energy. What the Arabians will do for having this wealth but the better usage could be done by the Americans and Europeans.
ReplyDeleteWell said Replica, What the Arabians will do for this wealth, American Need it and so they are using it.
ReplyDelete