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Economic Research

Tracking GCC Savings and Borrowings

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With WTI Crude oil futures nearing $120 billion on Friday, there's a lot of speculation about where the surplus revenues are going, especially those of the GCC.

A couple interesting data points:

1) The IMF suggests that the aggregate current account surplus of the GCC may exceed $300 billion in 2008

2) UAE foreign debt, mostly of the private sector increased by a half in 2007.

3) UAE reserves increased by $25 billion in the month of November - more than the foreign asset growth of Saudi Arabia.

4) SAMA governor's warning that inflation might top 10% before falling.

5) Relatively few[...]

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