GCC to benefit from MENA’s political turmoil

13 Dec 2011

(MENAFN) The Union of Arab Banks’ (UAB) chairman, Adnan Youssif, said that the political unrest that swept parts of the Middle East and North Africa (MENA) region would benefit the Gulf Cooperation Council’s (GCC) countries, reported Emirates 24/7.

Youssif added that investors and tourists preferred to go to GCC countries to avoid the turmoil in other Arab countries, moreover, Gulf countries also took advantage of a rise in oil prices and a higher oil output.

On the other hand, he said that the combined expenditure in the GCC in the current year would increase by 32 percent to around USD389 billion from USD294 billion in 2010, whereas revenue would jump by 25 percent reaching USD548 billion.

It is worth noting that the GCC countries will be expected to carry out many projects and stimulate the financial and economic situations, with projects amounting to USD30 billion in 2011, mainly in the field of infrastructure.

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