Higher oil prices to fuel GCC growth this year despite rising interest rates. Zohaib Anjum/Getty Images
Higher oil prices to fuel GCC growth this year despite rising interest rates. Zohaib Anjum/Getty Images
Higher oil prices to fuel GCC growth this year despite rising interest rates. Zohaib Anjum/Getty Images
Higher oil prices to fuel GCC growth this year despite rising interest rates. Zohaib Anjum/Getty Images

Fitch Ratings says it has a negative outlook for the GCC in 2018 on geopolitical risk


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Fitch Ratings said it had a negative outlook for the Gulf Co-operation Council in 2018 amid heightened geopolitical risks and the inability of some oil exporters to adjust the new oil price reality.

"Budget deficits will persist across the GCC and will stay in double digits in Bahrain and Oman, despite the price recovery," Fitch said.

"For the majority of sovereigns, fiscal break-even oil prices are still considerably above current or expected actual oil prices. This is resulting in worsening sovereign debt and external asset ratios."

The rating agency said that it expects that GCC countries will sell US$110 billion of debt in local and foreign markets in and will draw down about $50bn from wealth funds and external reserves in 2018.

Three of 13 Middle East and North Africa sovereigns are on a negative outlook at Fitch and none are on a positive one.

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The rating agency said that the GCC had lost some of its reputation for stability in a conflict riven-region. Fitch said it didn't expect a quick resolution to the dispute some Gulf nations have with Qatar.

While Fitch said it expected growth of 4 per cent to 5 per cent in Egypt and Ras Al Khaimah and 3 per cent in Morocco, it forecasts growth elsewhere to be closer to 2 per cent.

Separately, Sami Al Qamzi, director general of Dubai Economy, was cited in the official news agency WAM as saying that he expected the emirate's economy to grow 3.2 per cent this year, 3.5 per cent in 2018 and 3.7 per cent in 2019.

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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

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Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.

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