Author : Jaidev
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| Oil prices continue their current trend, GCC states will reap $114 billion of extra revenue this year |
If indications are to be believed, economies of GCC nations, especially UAE, are moving closer to normalcy within next six months. High oil prices and stabilizing property sector are the main factors that are bringing about a revival of sort in the UAE, especially Dubai.
If oil prices continue their current trend, GCC states will reap $114 billion of extra revenue this year, the bank says. It forecast an oil price of $75 per barrel by the end of this year from a current $70 odd.
Real estate sector of UAE, especially Dubai, which witnesses a slide of over 50 per cent from 2008 high, is also recovering gradually. Mortgage providers are slowly easing their requirements, allowing for higher loan-to-value ratios and credit procedures have been relaxed. The first signs of stabilization in Dubai's real estate sector have appeared, the Standard Chartered bank indicated.
Source : Gulf weekly
