The Arab Gulf Cooperation Council (AGCC) states, which posted an aggregate 5.3 per cent increase in gross domestic product due to the booming oil revenues, will sustain the growth momentum in 2006 despite a projected drop in oil prices.
According to experts at the Dubai-based Gulf Research Center (GRC), oil price will stabilize this year, and may even drop, Khaleej Times reported. Emilie Rutledge, economist at the GRC, said the region's aggregate GDP went up by 5.3 percent, stock markets advanced by 79 per cent and market capitalisation hit $1.1 trillion, an increase of 110 percent over 2004.
