The upcoming 35th GCC Summit in the Qatari capital Doha will be focusing on issues pertaining to the economic growth in the Gulf region as well as the dwindling price of oil in the global market.
The GCC summit will focus its economic growth agenda on topics such as the unified customs union, the Gulf power grid, and finding means to unite the GCC countries’ financial and economic policies.
Also amongst growth strategies is the GCC water linkage project aimed at securing water resources in the Gulf region known for predominantly desert environment. The project, to be done in three phases, is estimated to cost around USD 10 billion with the initial starting date of 2020.
The GCC states’ economic aspiration is backed up by strong numbers within the value of commercial exchange domain which increased by 14 percent in between 2012-13, from USD 106 billion to USD 121 billion, according to a GCC report. The increase was attributed to the establishment of the joint GCC market in 2008.
Also improvements in the number of commercial licenses given to GCC citizens as well as the developing banking scene in the region is a great indication that the Gulf States could work together for the betterment of their economic growth.
However, the prospect of economic growth is threatened by the decline of oil prices in the global market which had a strong effect on the performance of GCC financial markets.
OPEC had agreed last November in Vienna to keep the production at 30 million barrels per day despite plummeting oil price.
Source : KUNA Kuwait News agency
