Gulf oil producers controlled a staggering $1.7 trillion (Dh6.23trn) in foreign assets at the end of 2007 and the investments are projected to surge above $2trn at the end of this year, semi-official estimates showed yesterday. By the end of 2009, the assets of the six-nation Gulf Co-operation Council (GCC) could gain more than $200 billion as oil prices are expected to remain strong and regional budgets will remain in large surplus, the government-controlled Emirates Industrial Bank (EIB) said in its October economic bulletin. "Over the past three years, strong oil prices have boosted the GCC's combined foreign assets by nearly 29 per cent," the study said. "By the end of 2008, the assets are projected to peak at around $2.05trn and will grow by nearly 10 per cent to $2.25trn at the end of 2009." EIB estimates showed the...
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