Economy

Gulf states to decide on monetary union this month

The Gulf Cooperation Council (GCC) will decide on a new target deadline for the monetary union by the end of this month, according to senior GCC officials. GCC finance ministers and central bank governors will meet immediately after the International Monetary Fund's annual meeting for talks.

Forward thinking Qatar to diversify revenue sources

Qatar has taken large strides toward diversifying its economy and becoming a key financial and investment hub on both the regional and international levels, particularly following stake acquisitions in the London Stock Exchange and Nordic bourse operator OMX.

US rate cut stirs debate over Gulf currency peg

The US interest rates cut has revived a fierce debate on whether the oil-rich Gulf Arab states should keep their currencies pegged to the dollar and bear the crunch of high inflation. The six-nation Gulf Cooperation Council (GCC) states are experiencing high growth rates of between four to eight percent, thanks to soaring oil revenues that boosted liquidity to new levels.

Bahrain ranks amongst top West Asian economies in attracting foreign direct investments (FDIs)

Bahrain? positive investment environment enabled it to be ranked amongst the top five economies in West Asia to attract Foreign Direct Investments (FDIs) in 2006. The total volume of investments showed an increase of US$1.62 billion, compared with the UAE, to surpass US$3.89 billion in FDIs, in 2006.

IMF warns of Middle East inflation dangers

The IMF raised its growth forecast for Middle Eastern economies on the back of higher oil prices and healthy local demand but warned that inflationary pressures were building. The International Monetary Fund said momentum in the region, which includes oil and non-oil exporters, would edge up to 5.9 percent this year from 5.6 percent in 2006, an increase of half a percentage point from an earlier projection in July.

Qatar: Building integration

Although on the rise, trade among members of the Gulf Co-operation Council (GCC) is low compared to trade with other economic blocs. The recent push for implementation of a common currency in the region, now scheduled for 2015, has led many analysts and financiers to question the rationale. With regard to GCC integration, the real question has been in seeking to find out what the drivers behind this further push truly are.

Mutual trade between Bahrain and USA reaches US$1.167 billion

The US statistical bureau announced that the volume of trade between Bahrain and USA reached US$1.167 billion during the first year of the Free Trade Agreement (FTA) for the period from August 2006 to July 2007.