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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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KSA to import record high diesel volumes for summer | Arab News 2013-05-21 KSA to import record high diesel volumes for summer Saudi Arabia will import near record high diesel volumes this summer, as it gears up to beat the sweltering heat and meet rising travel needs during the fasting month of Ramadan, trade sources said. Saudi Arabia will import near record high diesel volumes this summer, as it gears up to beat the sweltering heat and meet rising travel needs during... | Malaysia seeks new channels for KSA trade | Arab News 2013-05-21 Malaysia seeks new channels for KSA trade The Consulate General of Malaysia Commercial section (MATRADE Jeddah) in collaboration with Council of Saudi Chambers (CSC) and Jeddah Chamber of Commerce (JCCI) organized a meeting between Saudi businessmen and their Malaysian counterparts in Jeddah yesterday. The Consulate General of Malaysia Commercial section (MATRADE Jeddah) in collaboration with... | India aims to widen basket of exports to Iran | Tehran Times 2013-05-21 India aims to widen basket of exports to Iran India is looking to broaden its range of exports to Iran to help balance bilateral trade under an agreement that allows the countries to bypass Western sanctions, Indian industry and government officials said. India is looking to broaden its range of exports to Iran to help balance bilateral trade under an agreement that allows the countries to bypass... | Tehran hosts first energy & wind conference | Tehran Times 2013-05-21 Tehran hosts first energy .... | Irans medicine imports fall by 54 percent | Tehran Times 2013-05-21 Iran's medicine imports fall by 54 percent Iran imported $ 34.2 million worth of medicine in the first Iranian calendar month of Farvardin (March 21-April 20), down 54.7 percent year on year, ISNA reported.
Medicine imports were decreased by 18.6 percent in weight, reaching 549.7 tons in the month. Iran imported $ 34.2 million worth of medicine in the first Iranian calendar month of Farvardin... | Yemen oil exports rose 14% | Arab News 2013-05-21 Yemen oil exports rose 14% Yemen's oil export volumes rose 14 percent in the first quarter of 2013, earning the government $ 35 million more than in the same period of 2012, according to data published by Yemen's central bank. Yemen's oil export volumes rose 14 percent in the first quarter of 2013, earning the government $ 35 million more than in the same period of 2012, according to data... | Omans GDP grew by 5% in 2012 | Arab News 2013-05-21 .. passed its 2013 budget plan on Jan. 1, 2013. The government aims to stimulate growth in the nonoil sector and thereby pursue its diversification strategy. Revenues are budgeted at $ 28.9 billion, up 27.0 percent from that in 2012. Oil revenues constitute 72 percent of budgeted revenues, with a base price of $ 85.0 per barrel and an average production of 930,000 bpd.
Meanwhile,... | Call for authority to regulate Saudi real estate market | Arab News 2013-05-21 Call for authority to regulate Saudi real estate market The two-day Saudi International Real Estate Conference (SIRC 3), organized by the National Real Estate Commission of Council of Saudi Chambers (CSC) in collaboration with a group of economists and businessmen, ended in Riyadh yesterday. The two-day Saudi International Real Estate Conference (SIRC 3), organized by the National Real Estate... | Italy offers to train Saudi scholarship students | Arab News 2013-05-20 Italy offers to train Saudi scholarship students Italian Ambassador Mario Boffo has called for setting up graduate training programs for thousands of Saudi scholarship students in Italy following graduation from top European universities and institutes at a recent meeting with officials at the Jeddah Chamber of Commerce and Industry (JCCI). Italian Ambassador Mario Boffo has called for setting up... | SAIREC set to create real estate authority in Saudi Arabia | Saudi Gazette 2013-05-20 SAIREC set to create real estate authority in Saudi Arabia The 3rd Saudi International Real Estate Conference (SAIREC) opened Sunday, by the Minister of Commerce and Industry Tawfeeq Al Rabiah, with the aim of creating a higher authority for real estate sector in the Kingdom, sources at the conference told Saudi Gazette today. The 3rd Saudi International Real Estate Conference (SAIREC) opened... | Saudi Arabia, Czech Republic to cooperate on common markets | Saudi Gazette 2013-05-20 Saudi Arabia, Czech Republic to cooperate on common markets The Jeddah Chamber of Commerce and Industry (JCCI) was host to a high-level business delegation from the Czech Republic on Sunday morning. Adnan Mandourah, Secretary General of the JCCI warmly welcomed the delegation and expressed his pleasure at developing business with the republic in the near future. The Jeddah Chamber of Commerce and... | Saudi-Malay firm sign SR 600 m deal | Arab News 2013-05-20 Saudi-Malay firm sign SR 600 m deal The Modern Healthcare Solutions Company, one of the ventures of the Modern Industrial Investment Group Holding (MIIGH), concluded a cooperative partnership deal with Pharmaniagia Behard, a majority-owned Malaysian government Industrial Company for pharmaceuticals and medical resources, on Saturday. The Modern Healthcare Solutions Company, one of the ventures of... | UAE growth quickens to 4.4% in 2012 | Khaleej Times 2013-05-20 UAE growth quickens to 4.4% in 2012 Economic growth in the UAE accelerated to 4.4 per cent in inflation-adjusted terms in 2012 from a downwardly revised 3.9 per cent the previous year as activity picked up across all sectors, its statistics office said on Sunday. Economic growth in the UAE accelerated to 4.4 per cent in inflation-adjusted terms in 2012 from a downwardly revised 3.9 per cent the... | Bahrain nonoil trade grows 20% | Arab News 2013-05-20 Bahrain nonoil trade grows 20% Bahrain's real GDP is estimated to have expanded 3.9 percent in 2012 from the 1.9 percent growth seen in 2011. Bahrain's real GDP is estimated to have expanded 3.9 percent in 2012 from the 1.9 percent growth seen in 2011.
Even as the oil sector shrank by around 8.5 percent in 2012 due to a temporary technical disruption at the country's main Abu Sa’afa oil... |
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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... |
|
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 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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