The UAE economy will grow by 3.7 per cent in 2011 while the combined GDP of the country and its Gulf partners will expand by six per cent thanks to strong oil prices and government fiscal moves, Saudi Arabia’s largest bank has said.
National Commercial Bank (NCB) said top LNG exporter Qatar and Saudi Arabia, the world’s largest oil supplier, would lead growth in the six-nation Gulf Cooperation Council (GCC) this year. The UAE, the second largest Arab economy, is also back on track thanks to high oil prices and Dubai’s recovery.
“The uncertainty caused by the recent bout of regional political turmoil appears to have largely lifted in the GCC region. Even as regional stress points remain in Libya, Syria, and Yemen, the GCC economies have generally managed to overcome investor concerns through a combination policy initiatives and, until recently, positive momentum in the oil price,” NCB said in a 20-page study on the GCC economies, sent to Emirates 24/7 on Saturday.
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