GCC countries have 'strong financial standing', ratings agency says

28/04/2010 - Dubai Investment News
GCC countries have 'strong financial standing', ratings agency says

Posted by Bob Brunskill

RAM Rating Services has said that the countries of the Gulf Cooperation Council (GCC) continue to have a strong financial standing.

It argued that the states had successfully weathered the global financial crisis, noting that the accumulation of oil-driven wealth prior to the global downturn would continue to provide GCC governments with the fiscal capacity and flexibility to extend support to their respective economies.

According to the report, the GCC countries have some of the world's lightest sovereign debt loads.

"This, together with government deposits and accumulated savings via sovereign wealth funds are anticipated to result in net-asset positions for the GCC governments," said RAM.

The report has been released to coincide with the Malaysia International Islamic Financial Centre's roadshows to the UAE and Saudi Arabia between April 26th and May 2nd.

This week, Ras Al Khaimah Investment Authority announced it issued a total of 263 licences to different businesses during the first quarter of 2010.

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