Gulf energy subsidies worth $160b a year: World Bank | GulfNews.com:
"Arab Gulf states, which pump a fifth of the world’s crude oil, spend more than $160 billion (Dh588.48 billion) on energy subsidies annually, a top World Bank official said on Tuesday.
“Gulf states spend around 10 per cent of their gross domestic product every year on energy subsidies including fuel and electricity. That amounts to $160 billion,” said Shantayanan Devarajan, the bank’s chief economist for Middle East and North Africa.
The six countries of the Gulf Cooperation Council — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE — had a combined GDP of $1.64 trillion at the end of 2013, according to the International Monetary Fund.
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