GCC economic growth to grow 5.3 percent in 2010 - IMF

Economic growth of the GCC oil exporters will rebound in 2010 to grow by 5.3 percent on rising oil revenue, the International Monetary Fund (IMF) said in a recent statement. Saudi Arabia and five of its neighbours (UAE, Kuwait, Qatar, Oman and Bahrain) are likely to post fiscal surpluses amounting to 10.4 percent of the regions GDP in 2010, according to Masood Ahmed, Director of the IMFs Middle East and Central Asia Department. Oil revenues are expected to rise in 2010 with higher prices and anticipated higher global demand allowing Middle East oil exporters to rebuild their international reserve positions by over USD $ 100 billion in 2010. To help the Kingdoms economy weather the global financial crisis, Saudi Arabia, the biggest economy in the region has committed more than USD $ 400 billion to drive growth until 2013.