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IMF Expects GCC Reserves to Grow by $300-$350 Bln in Three Years on Higher Oil Prices

General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)
General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)
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IMF Expects GCC Reserves to Grow by $300-$350 Bln in Three Years on Higher Oil Prices

General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)
General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)

The International Monetary Fund expects the foreign reserves of the six oil-rich Arab countries of the Gulf Cooperation Council (GCC) to increase by $300-$350 billion in the next three years, a senior official said on Tuesday.

The GCC - which comprises Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, Oman - "will benefit from the increase in oil prices", Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, told Asharq TV.

Oil prices have risen about 60% from the start of the year as global demand recovers from the coronavirus pandemic.

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Saudi Arabia, Djibouti Sign Agreement to Promote, Safeguard Investments

The event is being held under the patronage of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud - SPA
The event is being held under the patronage of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud - SPA
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Saudi Arabia, Djibouti Sign Agreement to Promote, Safeguard Investments

The event is being held under the patronage of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud - SPA
The event is being held under the patronage of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud - SPA

Saudi Arabia and Djibouti have signed an agreement to encourage and protect mutual investments, marking a significant step in enhancing economic cooperation between the two nations.
The agreement was signed by Saudi Minister of Investment Khalid Al-Falih and Djiboutian Secretary in Charge of Investment and Development of the Private Sector Safia Mohamed Ali Gadileh during the 28th World Investment Conference in Riyadh, SPA reported.

The event is being held under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister.
Both officials praised the agreement, emphasizing its importance in fostering collaboration between the private and government sectors of both countries. They highlighted the agreement’s role in supporting the ambitious investment initiatives currently being pursued by the Kingdom and Djibouti.
The agreement is designed to create a secure and attractive investment environment by offering key advantages such as investment protection, national treatment, fair and equitable treatment, transparency, and access to national courts or international arbitration for dispute resolution.
By ensuring these safeguards, the agreement aims to increase the volume of mutual investments across various sectors and strengthen economic ties between the two nations.