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

date:Posted: October 29, 2014
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
date:Posted: October 29, 2014
UAE. Significant increase in inflows of private capital into UAE in 2014; UAE seen as hub between Africa and Asia; Political stability remains a major factor driving flows; UAE clear winner in the region, as other GCC countries see net outflows of private capital.
date:Posted: October 28, 2014
INTERNATIONAL. Foreign policy is what a president wishes would happen; foreign affairs are what actually happen; the problem that Obama has, which has crippled his foreign policy, is that his principles have not been defined with enough rigor to provide definitive guidance in a crisis.
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
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