It is business as usual in the economies of the six-nation Gulf Cooperation Council (GCC) countries when it comes to the ability of locally-listed firms of registering gorgeous profits. Recently-released statistics put combined net profits of 543 listed companies at $14.5 billion (Dh53.24 billion) during the first quarter of 2012. This represents a notable increase of 12.9 per cent of net income compared to the same period in 2011.
Undoubtedly, this level of profit-making says a great deal about the current status of business activities in the region. At the very least, the economies are doing fine, with consumers having the ability and willingness to spend. Needless to say, per capita income in Qatar, put at a whopping $107,000 per annum, is second to none in the world. What’s more, Qataris are noted for spending and investing rather than saving.
Part of the credit goes to the authorities and their determination of augmenting public sector spending with all the positive spill-over effects on the economic situation. Continuing the Qatari example, the budget for fiscal year 2011-13, which got under way in April, projects expenditures of a record $48.9 billion, showing growth of 27 per cent.
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