Tag Archives: the Gulf Cooperation Council (GCC)

The International Monetary Fund expects the foreign reserves of the six oil-rich Arab countries of the Gulf Cooperation Council (GCC) to increase by $300-$350 billion in the next three years, a senior official said on Tuesday. The GCC – which comprises Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, …

Qatar is forecast to post a “strong growth rebound” with LNG demand in South and East Asia underpinning medium-term prospects, World Bank said in its Gulf Economic Update (GEU). Qatar’s economy is projected to grow by 3% in 2021 before accelerating to 4.1% in 2022 and 4.5% in 2023, World …

Gas demand for power generation consumed above 13 billion cubic feet per day (bcfd) in 2020, representing almost 50% of the total demand in the Gulf countries. It is expected that this demand will increase by 14% by 2029, according a report by GlobalData, a leading data and analytics company. …

The company behind Saudi Arabia’s $500 billion NEOM megacity project on Thursday revealed plans to develop an assembly plant to build up to 10,000 hydrogen fuel cell-powered commercial vehicles a year. The initiative is part of an agreement between US-based Hyzon Motors, an expert in the supply of zero-emission hydrogen …

Most GCC equity markets ended September in green despite concerns of economic recovery amid threat of second wave of Covid-19 and fall in oil prices, said the Kuwait Financial Centre (Markaz) in its Monthly Markets Review report. The S&P GCC composite index gained 2.5%, with all markets except Abu Dhabi …

The current developments and future prospects of the global oil markets were deliberated on Friday by the oil ministers of the UAE, Saudi Arabia, Kuwait, Bahrain, Oman and Iraq. This came in a conference call where the Saudi Minister of Energy Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Suhail …

Qatar has the lowest “2020 central government deficit-to-GDP ratio” in the GCC at 10%, S&P Global said and noted fiscal deficits will shrink in the region from 2021, assuming oil prices improve and oil production cuts taper in line with the ‘April 2020 |OPEC+’ agreement. As a percentage of GDP, …

The United States, the Iraqi government, and the Gulf Cooperation Council have reiterated their full support for a project linking the electricity networks between the latter and Iraq. In a statement to the US State Department, Washington said it is, “committed to facilitating this project and providing support when needed”. …