GCC surplus to trigger 20 % rise in SWFs

The GCC’s current account balance, poised to hit USD $ 350.0 billion in 2008, is expected to spur a 20.0 % surge in Sovereign Wealth Funds (SWFs). Current account surpluses of the region, driven by record oil revenues, have seen a steady rise from less than USD $ 30.0 billion in 2002, according to a recent report by Chatham House, home to the UK’s Royal Institute of International Affairs.

Over the past 6 years, the GCC’s GDP has more than tripled from around USD $ 330—340 billion in 2002 to an estimated USD $ 1.1 to 1.2 trillion for 2008. Total export revenues have soared from USD $ 180.0 billion in 2002 to an expected USD $ 850.0 to 900.0 billion for 2008, of which USD $ 600-650 billion likely from oil exports alone.