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Report: $ 44 trillion assets owned by the Gulf States
Economy News Baghdad
The Gulf states have liquid and semi-liquid assets worth $ 43.7 trillion, according to a recent economic report by Oliver Wyman.
The report said the assets were distributed by $ 3.3 trillion concentrated in sovereign wealth funds, and about $ 40.4 trillion in proven reserves of oil and gas.
According to the report, "Gulf Arab Economies - A Wealth of Assets, Opportunities and Economic Transformation", the GCC per capita is estimated at $ 841 million.
The report said government revenues in the Gulf are heavily dependent on oil and gas sales, which has been going on so far.
He pointed out that the economic initiatives studied, such as the introduction of value added tax in the UAE, Saudi Arabia and Bahrain recently, supported the efforts to diversify sources of economy.
He noted that the huge surpluses in the current accounts of the Gulf countries, with low levels of debt, is one of the economic fundamentals of the Gulf, which made it one of the strongest economies in the world.
The report pointed out that most of the Gulf countries have embarked on ambitious programs of transformation and diversification to reduce the contribution of the oil and gas sector in the GDP of the GCC.
He added that the UAE is a leading country in the region in the field of change and transformation and ambitious programs, with a diversified economy, where oil and gas represent only 30 percent of the country's GDP.
The report also pointed to Saudi Arabia and its leadership in the region, where its economy accounts for nearly half of the GDP of the GCC countries, pointing out that the Kingdom is also trying to shift economically and not focus on oil altogether.
The report sees a growing population and multiple economic needs as a powerful driving force for the region by substituting total dependence on the oil sector and channeling greater capital investments into more diversified sectors to meet those needs.
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