Major progress

摘要

Riding on the back of increasing oil prices, currently in excess of $60 a barrel, the six states of the Gulf Cooperation Council (GCC) are booming and are expected to produce even larger revenues and even greater surpluses in 2005 than last year. For banks, strong regional growth, excess liquidity and the prospect of continuing high oil revenues make for huge opportunities and record profits as both consumer and corporate sectors experience dynamic expansion. New market sectors also provide added vibrancy as the Saudi capital markets deepen, Qatar and Dubai develop new regulatory structures, demand for Islamic sukuk financing gains momentum and new Islamic financial institutions emerge.