“For the GCC, the challenge is to consolidate gains made in the past and
address vulnerabilities uncovered by the crisis. While high prior capital buffers
and overall financial health contributed to the resilience of these systems,
there is still ample room for improvement in both the regulatory and
supervisory arenas.”
- Regional Economic Outlook, IMF, Oct-10
2010 simply lacked any triggers.
As a result, GCC stock markets started dancing to global tunes more than
local ones. After severely underperforming Emerging Market peers in 2009,
GCC markets performed more on par with the same in 2010; the S&P GCC
index has gained 14% YTD versus about 14% for MSCI EM. Performance
within the GCC has been disparate, from highs of about 25% for Qatar to
lows of -11% in Dubai.
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