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FINANCIAL NEWS
GCC economies to face troubles on falling oil prices
09 Nov 2014
(MENAFN) The Gulf Cooperation Council (GCC) could be negatively impacted by prolonged slump in oil prices, as well as weaken the operating environment for the corporate and infrastructure sectors, Gulf News reported.
Due to GCC governments’ high infrastructure spending plans, the prolonged period of lower oil prices is expected to have a negative effect on government revenue, which would result in putting a higher pressure on the private sector to fund investments.
The fall in oil prices could also result in increased government efforts to focus on energy subsidy reform, with both Oman and Kuwait working already on such laws, which could hurt industries reliant on feedstock subsidies, such as petrochemicals.
The GCC economies are expected to face a difficult time if the current decline in oil prices persist since hydrocarbon revenues make up 46 percent of GDP and three-quarters of total exports for the six GCC countries, with Bahrain and Oman being seen as most vulnerable, while Qatar and the UAE are expected to be the least vulnerable.
Despite these bleak predictions, Dubai is seen to be the exception since it relies more heavily on trade, tourism, real estate and construction, and transportation, with the positive change in the real estate and construction sector being seen as the reason behind Dubai’s positive change since the sector accounted for over 20 per cent of GDP in 2013.
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