ABU DHABI: High oil prices accompanied with rise in oil output are keys for GCC economic growth and a means to avoid any effects of the Eurozone on their economies, experts said.
"The UAE’s oil economy represented by Abu Dhabi is growing and the non-oil economy represented by Dubai is also growing in parallel, leading to the growth in its GDP," Philippe Dauba-Pantanacce, senior economist, Turkey Middle East and North Africa Global Markets, at Standard Chartered Bank, said, reported Dubai’s daily Gulf News on Monday.
"The UAE, particularly Dubai, has benefited from the instability in the region due to the so-called Arab Spring which helped the Dubai economy come back to the period before the 2008 financial crisis amidst indicators that its real estate sector is recovering and on the ramp-up," said Dauba-Pantanacee who is taking part in the conference on Future of GCC’s Competitiveness organised by Insead.
Dauba-Pantanacce said that 2012 is a very good year for the GCC countries, particularly the UAE. "Oil prices are so far resilient and there is also a growth in the output which means higher GDP growth for the GCC countries," he added. (QNA)
