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GCC to see 3 percent growth next year

The Gulf States are expected to see …

September 30, 2009 3:34 by

The Gulf States are expected to see 3 percent growth in their combined gross domestic product (GDP) for 2010, reports Arabian Business, quoting a report from Bank of America Merrill Lynch Global Research.  The report also said that the UAE was the best positioned in the region to profit from global economic recovery and higher oil prices.

“As trading volumes are picking up with the end of the Ramadan, we believe the positive global picture will become the dominating theme. Besides, attempts to restructure Saad/Al Gosaibi debt in Saudi Arabia, as well as officials ensuring announcements in the UAE on debt service of Dubai Inc. companies are all good news,” said the report.

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