GCC economies set to grow at 5.6 per cent in 2013
The GCC economies are expected to grow at 5.6 per cent by the end of this year, said a report citing a top regional banking official.
The GCC economies would continue to benefit from high oil prices, which exceed $100 per barrel, Al Baraka Banking Group chairman and chief executive Adnan Ahmed Yousif told Akhbar Al Khaleej.
Kuwait's acting oil minister Mustapha al-Shamali had said on Wednesday that the current oil prices were "fair" and that the state was producing around 3 million barrels of crude per day.
On the local banks' performance, Ahmed Yousif said the Bahraini banks had increased their profits by an average 10 per cent in the first half of this year, compared with last year’s figures.
- Oman’s Duqm tourist complex moves forward with government approval
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Tunisian Confederation of Industry, Trade, and Handicrafts fights nationwide unemployment levels
- Construction costs fall in Dubai
- Western tourists flock to Iran, could generate $30B in new revenue