Top GCC projects in Gulf surpass $1.3 trillion

By Hamdan Al-Muhairi in Dubai
For Al-Shorfa.com
2010-07-23

[YASSER AL-ZAYYAT/AFP/Getty Images] Saudi central bank governor Mohammed al-Jasser attended a recent GCC meeting in Kuwait. Top GCC projects have reached $1.3 trillion in value.

The combined value of the 100 largest projects in the Gulf Co-operation Council (GCC) that were completed or started during the last two years totals more than 4.8 trillion dirhams ($1.3 trillion).

The figures were released in a study published on July 18th by UAE-based Meed, in alliance with the "Quality Awards for Projects 2010". The study revealed that Saudi Arabia and the UAE account for a majority of the developments, with 31 and 35 ongoing projects respectively.

According to the study, ‎the real estate sector continued to dominate the region, despite the global recession, with nine of the 10 largest-budgeted GCC projects.

The study estimated the value of transportation projects in the GCC region at $164 billion. The value of oil and gas projects is $131 billion.

Saudi banks assets increase from 2009

A financial analysis by Mubasher Info from Tuesday (July 20th) revealed that Saudi bank assets rose 8.6% to 177 billion riyals ($47.2 billion) at the end of the first half of 2010, ‎compared with the same period in 2009.

The banks' loan portfolios declined slightly by 1.7% to 630.7‏ billion riyals ($168.2 billion) at the end of the second quarter of 2010, compared with 631.8‏ billion riyals ($168.5 billion) in 2009.

Saudi banks' investments increased 15.4%‎ to 30 billion riyals ($8.2 billion) during the first half of 2010, ‎compared with 26 billion riyals ($7 billion) in 2009. Financing rose ‎5.36%‎ to 118 billion riyals ($31.5 billion), compared with 112 billion riyals ($29.8 billion) for the same period in 2009.

Customer deposits increased ‎9.8%‎ to 135 billion riyals ($36 billion) during the first half of 2010 compared with 123 billion riyals ($32.8 billion) in the same period in 2009.

Qatar Central Bank says recession led to increase in bad checks

Qatar Central Bank announced on July 18th that the value of bad checks in the Qatari market totaled more than 4 billion riyals ($1.1 billion). The value is growing because of effects the recession had on bank savings and liquidity.

According to bank estimates, the value of the bad checks may reach 7.6 billion riyals ($2.1 billion) by the end of 2010. Reports indicated that Qatari banks are struggling with bad debts, which amount to 3.5 billion riyals ($961.5 million). Qatar National Bank, the biggest Qatari commercial bank, holds about 1 billion riyals ($274.7 million) of the bad debt.

Lebanon falls in ranking of leading investors

Lebanon ranked as the seventh largest source of Arab investments in 2009, dropping from fourth in 2008. "Lebanon This Week", the economic publication of the Byblos Bank Group, released the information on July 20th.

Lebanon accounted for 3.8% of total Arab investments in 2009, compared with 6.8% in 2008.

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