Surging oil prices have turned member states of the Gulf Cooperation Council (GCC) into financial powerhouses. McKinsey research indicates that between 2007 and 2020, they will earn $5 trillion to $9 trillion from exports of crude oil, and much of this could flow into overseas capital markets.
McKinsey estimates that the total value of the Gulf states’ foreign assets reached $1.9 trillion by the end of 2006—more than double their level in 2003 and nearly equal to the GDP of India and Brazil combined or the market value of the top ten Fortune 500 companies.
With scorching oil prices, the six nations of the GCC would earn a cumulative $6.2 trillion by 2020, or more than triple the amount they earned from 1993 through 2006. Decisions by Gulf leaders on how to use this wealth will have global repercussions for decades.
No wonder the superpowers are behind the oil powers.
Saturday, June 21, 2008
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