Middle East oil exporters' foreign reserves to rise by US$100 billion
Source: BI-ME and AFP , Author: BI-ME staff
Posted: Sun October 11, 2009 1:46 pm

UAE. Oil exporters in the Middle East and North Africa region are expected to increase their international reserve positions by over US$100 billion in 2010 as oil prices rebound, the IMF said on Sunday.

The rebuilding of their international reserve positions would help governments of the region maintain public spending, which has helped mitigate the impact of the global financial turmoil on their economies, the International Monetary Fund said in report released in Dubai.

"With higher oil prices and the anticipated re-emergence of global demand, oil revenues are expected to increase, allowing oil exporters to rebuild their international reserve positions by over 100 billion dollars in 2010," the Middle East and Central Asia Regional Economic Outlook report said.

Oil exporters -- Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Sudan, United Arab Emirates and Yemen -- have suffered as oil prices dropped to near Us$30 dollars per barrel around the turn of the year. Since then, it has rebounded to around US$70 per barrel.

The IMF projected that the economies of all countries of the Middle East and North Africa in addition to Afghanistan and Pakistan are expected to grow 4.0% in 2010.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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UAE. "When the system collapses, it is not the end of the world. It simply means that the major trading and financial powers in the world come together in a conference to write new rules of the game." ICA Conference in Dubai to address lessons from global economic crisis.
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