Gulf 'to remain wealthy'
The Gulf is set to remain one of the wealthiest regions in the world during the next few years, according to finance experts.
Barclays Wealth has said that the area has seen an influx of money in recent times due to its abundance of oil and the soaring price of the commodity, reports Gulf News.
While the US suffers a recession and Europe and Asia struggle with the credit crunch, countries such as the United Arab Emirates and Saudi Arabia continue to enjoy regular investment and prolonged prosperity as their chief export, oil, not only retains its value but increases steadily in price.
The Barclays report also points to low interest rates, increased diversification in the economy and a high demand for commodities as important factors in the continued economic growth of these areas.
Pictet Asset Management is so confident about the prospects for the region's economy that it recently launched a $1 billion fund to invest in the property and construction sectors in the United Arab Emirates, Kuwait and Saudi Arabia.
< Back to latest news