Oil slump to cost GCC $240 billion in assets | GulfNews.com

Oil slump to cost GCC $240 billion in assets | GulfNews.com:



"Countries in the Gulf Cooperation Council (GCC) region, including the UAE and Saudi Arabia, stand to lose $240 billion in hard-earned assets in 2015 if oil prices will remain at low levels, or average at $55 per barrel, for the rest of the year, an economist at a local bank said.



GCC governments have been urged to find other sources of revenue amid low oil prices, cut subsidies and budgets, and curtail excessive government spending, to avoid job losses, project cancellations, low bank liquidity and other economic challenges.



Alp Eke, director and senior economist at the National Bank of Abu Dhabi’s (NBAD) economic department, said the biggest loss will be incurred by Saudi Arabia, estimated to be around $160 billion, while the UAE will lose around $55 billion."



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