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FINANCIAL NEWS
GCC to establish USD10b fund for Oman and Bahrain
12 Mar 2011
(MENAFN) Kuwait Foreign Minister, Sheikh Mohammad Al-Sabah, stated that Gulf Cooperation Council (GCC) aims to spend around USD10 billion in funds for Oman and Bahrain as the two countries are currently stages for ongoing protests, reported Bloomberg.
The Omani and Bahraini protestors, following the steps of the Tunisian and Egyptian revolutions, are asking for rights such as job opportunities, housing, and political rights. Two people were killed in Oman and 7 in Bahrain so far in clashes between the protestors and the security forces.
The rulers of both countries are trying to calm the protestors, as Bahrain announced that it has USD6.6 billion plans for housing, and Oman’s Sultan Qaboos ordered jobs to be offered to 50,000 Omanis and USD390 to be paid monthly to the unemployed.
It is worth noting that protests in the Arab region started in Tunisia in December 2010, and led to the toppling of the ruling regime, followed by Egypt’s revolution which forced its former leader, Mubarak, to step down on February 2011.
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