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FINANCIAL NEWS
GCC states to lose USD240b in assets due to oil slump
17 Jun 2015
(MENAFN) The Gulf Cooperation Council (GCC) is forecast to lose a total of USD240 billion in assets this year due to the prevailing lower trend for oil prices, according to analysts, Gulf News reported.
The countries, included in the GCC region, now find themselves obliged to look for new means to boost revenue and foster more growth, means like cutting subsidies and budgets, curb government spending, avoid job losses, cancelling projects and more.
“Saudi Arabia and UAE will incur the highest asset depletion. However, in my opinion, UAE is much better prepared,” Director and Senior Economist at the National Bank of Abu Dhabi said in a statement.
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