Gulf economies remain sound, says GCC

October 13th, 2008 - 9:06 pm ICT by IANS  

Dubai, Oct 13 (IANS) The economies of Gulf countries remain strong amid the global financial crisis, according to the Gulf Cooperation Council (GCC).In a statement issued out of Riyadh in Saudi Arabia Monday, GCC secretary general Abdurrahman Al-Atiyyah asserted that the economies of the Gulf states enjoy a remarkable economic growth, and added that the commercial Gulf banks have a high rate of liquidity and a distinguished financial status, the state-run Saudi Press Agency reported.

Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE) comprise the GCC.

Al-Atiyyah also stated that the central banks in the GCC member states were ready to make the required liquidity available for banks if needed.

The GCC secretary general’s comments came even as major Gulf markets posted gains Monday after a week of mayhem triggered by the global credit crunch.

On Monday, the UAE government, in a bid to insulate the country’s economy, said its guarantee of deposits in all national banks and interbank lending operations within the country would extend for three years.

The central banks of other Gulf nations have also given assurances of liquidity over the past week.

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