FINANCIAL NEWS

GCC non-oil sector expected to grow 5%

01 Nov 2010

(MENAFN) An Economist Intelligence Unit report, sponsored by the Qatar Financial Centre Authority (QFC) showed that the GCC non-oil sector is expected to expand by 5.1 percent per year up until 2021, compared to the estimated 3.3 percent annual increase in the oil sector, Gulf Daily News reported.

QFC Authority CEO, Shashank Srivastava, highlighted the risks to the economy and to business if the GCC region does not become less dependent on oil and gas. Although the region’s oil and gas endowments have been lucrative, they are considered to be limited resources that historically have been vulnerable to price volatility.

GCC states aim to convert their tangible oil wealth into human capital by investing in the education and skills that are needed for a transition from economies based on the primary sector to more diversified economies.

The oil sector is the single largest sector in almost all the GCC states, providing around 80 percent of export earnings and government revenues.

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