The RAF’s Red Arrows over Doha in 2013. They return this weekend as part of the UK’s campaign to maintain its trade relationship with both sides of the GCC split The Royal Air Force (RAF) Red Arrows will fly over…
Category: GCC
The GCC split was inevitable, it won’t last and Saudi Arabia will come out on top
Three things can be said about the extraordinary action taken this week against Qatar by Saudi Arabia, the UAE and Bahrain. The confrontation — which has been brewing for more than two decades and involves dozens of points of friction…
GCC construction projects market down one-third in 2016
The GCC projects market is expected to record at best $120 billion worth of contract awards in 2016, down at least a third on 2015 levels and well below what was initially forecast, as low oil prices severely impact government…
GCC finance needs to be $560bn
GCC governments will need financing worth $560bn in 2015-19 as a result of lower oil prices, S&P Global Ratings said in a report published today. “We estimate that, in nominal terms, GCC sovereigns’ combined fiscal deficit will reach $150bn…
GCC fiscal adjustment to be gradual: NBK
GCC governments are acting to deal with the impact of lower oil prices but the adjustment process will be slow and gradual, the National Bank of Kuwait (NBK) says in a report released today. “The new low oil price environment has…
GCC bank profits fall
For full coverage of Middle East business, see MEED The earnings of GCC banks covered by Gulf Investment House fell by 0.7 per cent on a year-on-year basis to $5.6bn in the first quarter of 2016, the Kuwait investment bank…
Deloitte forecasts GCC contract awards to fall by 17 per cent in 2016
The Deloitte Middle East Powers of Construction report published today forecasts that the value of new contract awards in the GCC will fall by 17 per cent to $170bn in 2017 due to the public spending squeeze in the region. Project…
Video: introduction to the GCC
This is a 20-minute video introduction to the economics and politics of the GCC.
IMF report calls for limits on GCC public sector jobs and wages
An IMF staff discussion note published on 23 December praises the economic progress of the GCC but calls for action to reduce the number and attractiveness of government jobs. “Firm limits need to be placed on public sector jobs and…