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…
Tag: GCC
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…
Kuwait to have current account deficit in 2016
For full coverage of Middle East business, see MEED Kuwait’s current account will move into a deficit of 1 per cent of GDP in 2016 due to lower oil prices and continuing import growth, National Bank of Kuwait (NBK) said…
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…
VAT in the GCC: not if but when
For full coverage of Middle East business developments, see MEED Agreements reached by members of the GCC this week about Value Added Tax (VAT) systems mark an important step forward in the increasingly-important fiscal reform debate and provide a clearer…
Fitch affirms Bahrain at BBB-/BBB, cuts outlook
For full coverage of business developments in the Middle East, see MEED Fitch Ratings has affirmed Bahrain’s long-term foreign and local currency issuer default ratings (IDR) at Fitch Ratings BBB- and BBB, respectively. The issue ratings on Bahrain’s senior unsecured…
Modest rise in GCC bank third quarter net earnings: Gulf Investment House
For full coverage of business developments in Iran and the Middle East, see MEED Net earnings of GCC covered by Gulf Investment House increased 3.7 per cent year-on-year to $5.6bn in the third quarter of 2015. Net profit of banks…
Fitch downgrades Bahrain’s foreign currency rating
Fitch Ratings has downgraded Bahrain’s long-term foreign currency issuer default rating (IDR) to BBB- from BBB and long-term local currency IDR to BBB from BBB+. The outlooks are stable. The issue ratings on Bahrain’s senior unsecured foreign and local currency…
Video: introduction to banking in the GCC
Video: introduction to the GCC
This is a 20-minute video introduction to the economics and politics of the GCC.