The Director of the Middle East and Central Asia Department at the International Monetary Fund, Jihad Azour, confirmed that the non-oil sector in the Gulf countries continues to grow at rates exceeding the global average and the G20 average, which is a positive element that has helped them diversify their economies and the countries’ sources of income.
He explained that "the involvement of the Gulf countries in large economic blocs enhances their ability to benefit from the global recovery," considering that "the oil component is essential, and during the past two decades the impact of events was limited in time and limited only to prices."
He pointed out that "the financial capabilities of the Gulf countries are high and continue to rise, reaching about $4 trillion, whether in reserves or in sovereign funds, representing an element of strength that allows them to expand investment into new sectors and other countries."
Source (Al-Arabiya.net website, edited)
