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New proposals would raise the capital requirements for the largest and most important banks by 9%, down from 19%
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Crisis Impact ‘Less Severe in Arab Region’
DUBAI - Domestic and intra-regional investment, supported by ample reserves and $1.53 trillion sovereign wealth funds would help the Arab region weather a world recession, according to a UK-based economic think-tank.
“With GCC investors now investing around 25 per cent of their oil wealth in the region compared to 15 per cent in 2003, buoyant investment activity will continue to be supported by oil income and wealth. The current account surplus of oil economies is expected to double to some $132-billion in 2008 against $77 billion in 2007. Currently, Arab SWFs possess at least $1.53-trillion in assets, with considerably more in reserves and accumulated private wealth, Oxford Analytica, an international consulting firm providing strategic analysis of world events, said in its latest report.
“As a result, the Arab world appears likely to experience relatively moderate losses in the current global economic melt-down in contrast to the severity of the downturn in other parts of the world,” the report said.
The IMF’s latest downward revisions of growth rate projections for 2009 place Arab countries in third place at 5.3 per cent after
Arab world’s macroeconomic fundamentals are positive, in particular the prospects for sustained investment growth, which will be driven by accumulated oil revenues and continuing oil incomes, the report noted.
“Losses on Arab stock markets have wiped out abnormally high returns, but not the prospects of solid positive returns. Growth prospects are therefore dented, but remain positive,” it said. “There are good reasons to believe that the falls in Arab markets will be less enduring, and have less negative broader impact, than in markets elsewhere. Exits by non-Arab investors have most seriously affected the more open Arab stock markets, namely those of
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