Posted by Neil King
The Gulf Cooperation Council posted robust earnings growth for the quarter of this year thanks to a strong contribution from the UAE, it has been revealed.
According to a report by Kuwait Financial Centre Markaz, the GCC recorded corporate earnings of US$11.4 billion during the first three months of 2010 - a 40 per cent year-on-year increase.
The report also found that the UAE was the top performer in the region on a quarter-on-quarter basis as the country's earnings surged to US$3 billion.
Banks and financial services were key growth drivers in the UAE, with their combined earnings jumping to US$1.4 billion in the first quarter of 2010.
The report noted that the UAE government's interventions to restructure some of the country's liabilities had restored some confidence in the banking sector.
Kuwait Financial Centre Markaz is one of the leading asset management and investment banking institutions in the Arabian Gulf region.