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FINANCIAL NEWS
GCC States to raise USD50bn to cut deficit
04 Oct 2016
(MENAFN) GCC States are planning to raise funds at USD50bn in order to reduce deficits which are predicted to grow with oil prices remaining low.
However, the equity and bond markets of the UAE emirates of Abu Dhabi and Dubai; Kuwait and Saudi Arabia also showed a drop.
Meanwhile, GCC deficits are predicted to grow, with sovereign and corporates likely to lever up, which will lead to more rating downgrades.
Moreover, bonds need buyers, which mean that the market needs to be in the right shape, not just the pricing.
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