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GCC Macroeconomics
Along with the shared political, social and security interests which led to the founding of the GCC in 1981, the region’s common economic interests were clearly outlined in the 1981 Unified Economic Agreement. The agreement recommended full integration and cooperation in a wide range of economic fields. It also legislated for citizens of each state to have free access to live, work... more
GCC Banking and Finance
After significant growth since the stock market correction in 2006, largely due to the high oil price, an improved regulatory environment and a large number of IPOs, GCC stock markets began to rapidly fall in the second half of 2008. Current global developments have further underlined the risks for local markets. Overall, future scenarios will depend on the confidence in the economic... more
GCC Business and Commerce
The GCC is increasingly being seen as a good place to do business not just for incumbent local firms but for international companies. According to the 2008 World Economic Forum‘s Competitiveness Report, the small GCC states are the most competitive in the Middle East. The report ranks Qatar first, followed closely by Saudi Arabia and the United Arab Emirates. Qatar is ranked first... more
GCC Labor Markets
Work occupies a central place in a person's life. Through work, an individual does not merely secure an income to live on, but he/she also secures a place within society. Perhaps more significantly, work is a channel via which mounting generations can achieve personal objectives and ambitions. As such, work is an essential ingredient of social and political stability. The... more
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Saudi food & agri sector outlook remains positive | Saudi Gazette 2013-06-18 Saudi food .... | India cuts Iran oil imports by more than 40pc | The Peninsula 2013-06-18 India cuts Iran oil imports by more than 40pc India cut its Iranian oil imports by more than 40 percent in the first five months of the year, replacing the crude with shipments from Venezuela, Iraq and Oman, and pushing Iran down four places to seventh among its suppliers. India cut its Iranian oil imports by more than 40 percent in the first five months of the year, replacing the crude with... | Qatari exports to UK decline by 23 percent | The Peninsula 2013-06-17 Qatari exports to UK decline by 23 percent The value of Qatari exports to the UK has declined by 23 percent from QR27.45bn (£4.8bn) in 2011 to QR21.16bn (£3.7bn) in 2012, statistics provided by the British Embassy in Qatar said. The value of Qatari exports to the UK has declined by 23 percent from QR27.45bn (£4.8bn) in 2011 to QR21.16bn (£3.7bn) in 2012, statistics provided by the British... | Port authorities plan to spend SR 3.43 billion on development | Arab News 2013-06-17 Port authorities plan to spend SR 3.43 billion on development With traffic continuing to rise at all of the Kingdom's major seaports, the Saudi Ports Authority (SPA) and King Abdul Aziz Port plan to spend SR 3.43 billion ($ 914 million) on port development in the Saudi Arabia. With traffic continuing to rise at all of the Kingdom's major seaports, the Saudi Ports Authority (SPA) and King Abdul... | GCC to continue to invest heavily in infrastructure | Arab News 2013-06-17 GCC to continue to invest heavily in infrastructure The GCC (Gulf Cooperation Council) countries will continue to invest heavily in infrastructure and diversify their economies, thus boosting non-oil GDP growth, QNB said in a report. The GCC (Gulf Cooperation Council) countries will continue to invest heavily in infrastructure and diversify their economies, thus boosting non-oil GDP growth, QNB... | Economic outlook in Mena strong | Gulf Today 2013-06-16 Economic outlook in Mena strong Mena's economic outlook remains strong, according to QNB Group. The global economy and domestic political uncertainty in a number of Mena countries, the region is expected to grow in the range of 3.5-4 per cent this year and 4.5-5 per cent in 2014. Mena's economic outlook remains strong, according to QNB Group. The global economy and domestic political uncertainty... | Dubai Exports promotes its Islamic economy expertise | Khaleej Times 2013-06-16 Dubai Exports promotes its Islamic economy expertise Dubai Exports promoted the emirate's expertise in the Islamic economy to Canadian firms in Vancouver and Toronto, the Department of Economic Development agency said in a statement. Dubai Exports promoted the emirate's expertise in the Islamic economy to Canadian firms in Vancouver and Toronto, the Department of Economic Development agency said... | Court ruling could determine future of Kuwait | Kuwait Times 2013-06-16 .. included in the budget law”.
“Such decrees shall be referred to the National Assembly within the fifteen days following their issue if the Assembly is in being. If it is dissolved or its legislative term has expired, such decrees shall be referred to the next Assembly at its first sitting.
If they are not thus referred, they shall retrospectively cease to have the force of... | UAE leaps over China as top importer of Saudi products | Arab News 2013-06-16 UAE leaps over China as top importer of Saudi products Saudi Arabia's external trade continued to display moderation for the third month in a row in March. The value of exports totaled SR 16.5 billion versus SR 17.5 billion a year ago. Saudi Arabia's external trade continued to display moderation for the third month in a row in March. The value of exports totaled SR 16.5 billion versus SR 17.5... | Revenues hit RO 4.7bn | Oman Daily Observer 2013-06-16 .. State's General Budget achieved a surplus of RO 997.2 million during April against a surplus of RO 1,454.6 million during the corresponding period in 2012, according to the bulletin.
Meanwhile, the transport sector including roads have taken the lion’s share of the RO 750 million worth tenders awarded in the Sultanate by the end of May this year.
The figure is 7 per cent higher... | Qatar spending seen rising | Gulf Times 2013-06-16 .. the government beat its budgeted revenue estimates and helped deliver an increase in the estimated 2012/13 fiscal surplus to 11.8% of GDP (around $ 20bn).
“Looking ahead we would expect to see some decline in both surpluses as hydrocarbon earnings soften and public spending, which stalled in 2012, picks up again. That said we expect both balances will remain healthy,” Samba... |
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| GCC Economic Issues |
The GCC’s economic situation is unique: no other region in the world has such a small population in possession of such large hydrocarbon reserves, and a population that relies so heavily on non-national labor. In varying degrees, all GCC nations are seeking to reduce their economic dependence on oil and gas. To have economic policies that create a climate conducive for attracting businesses is seen as an imperative.
In light of the current global economic crisis, the region’s wealth has gained prominence on the international stage and the search is on for a global response. Important and urgent questions have arisen with eventual significant impacts for the diversification efforts and growth models of the six economies.
As well as providing key economic indicators, this portal covers all of these issues and more in the following subsections: GCC Economics, Business and Commerce, Banking and Finance and Labor Markets. In each subsection you will find research and analysis as well as statistics and details of relevant external resources. The GRC economic portal creates a platform for furthering lively debates and facilitates understanding of GCC economic affairs.
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Research Programs List |
GCC Macroeconomics
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Along with the shared political, social and security interests which led to the founding of the GCC in 1981, the region’s common economic interests were clearly outlined in the 1981 Unified Economic Agreement. The agreement recommended full integration and cooperation in a wide range of economic fields. It also legislated for citizens of each state to have free access to live, work and own... |
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more
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GCC Banking and Finance
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|
After significant growth since the stock market correction in 2006, largely due to the high oil price, an improved regulatory environment and a large number of IPOs, GCC stock markets began to rapidly fall in the second half of 2008. Current global developments have further underlined the risks for local markets. Overall, future scenarios will depend on the confidence in the economic prospects... |
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more
|
GCC Business and Commerce
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|
The GCC is increasingly being seen as a good place to do business not just for incumbent local firms but for international companies. According to the 2008 World Economic Forum‘s Competitiveness Report, the small GCC states are the most competitive in the Middle East. The report ranks Qatar first, followed closely by Saudi Arabia and the United Arab Emirates. Qatar is ranked first given the... |
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more
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GCC Labor Markets
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Work occupies a central place in a person's life. Through work, an individual does not merely secure an income to live on, but he/she also secures a place within society. Perhaps more significantly, work is a channel via which mounting generations can achieve personal objectives and ambitions. As such, work is an essential ingredient of social and political stability. The fast-paced growth... |
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