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FINANCIAL NEWS
Oil slump to reduce GCC’s capital expenditure
27 Jan 2015
(MENAFN) The Bank of America said that a prolonged plunge in the global prices of oil could result in decreasing the capital expenditure and the consolidation of some of the planned expenditure, particularly major projects in the GCC countries, Gulf News reported.
“In the near-term, we expect softening in the cycle as government spending slows and priority is given to ongoing and strategic projects. Qatar’s infrastructure pipeline appears most robust, we think,” MENA economist at Bank of America said.
The GCC currently has USD690 billion worth of projects either to be awarded or planned over the period 2015-2018 in the UAE, Qatar, and Saudi Arabia, with Saudi having the largest projects market with 45 percent of awards, that total about USD310 billion or 7.3 percent of its GDP.
The kingdom is followed by Qatar’s pipeline, which is also largest with respect to size of its economy, accounting for 9.5 percent of its GDP, as the country continues with preparations to host the FIFA World Cup in 2022, then the UAE, with about USD95 billion worth of projects, mostly in the construction sector.
As for the rest of the GCC members, Oman’s government spending faces the highest risk, due to a high fiscal break, low savings, and a high level of dependency on oil revenue for its government spending and total investments, with the sultanate followed by Bahrain and Kuwait.
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