Higher oil prices boost Gulf fiscal outlook: study

DUBAI (AFP)

“The strengthening in oil prices will be extremely positive for the hydrocarbon-dependant GCC (Gulf Cooperation Council) countries, which will see high oil revenues,” EFG-Hermes investment bank said in a report received Monday by AFP.

“We have revised upward our GCC macro forecasts in line with the changes in our oil price forecasts. The majority of the headline figures, including nominal GDP (gross domestic product), and the fiscal and current account, will see an improvement,” said the Egyptian-owned bank which has major operations in Dubai.

AFP