Results for Category: Gulf Cooperation Council

8 results found.
Low Oil Prices in the Gulf: A Blessing in Disguise?

The low oil prices are no longer seen as only temporary. And the way things look—with continuing low demand and OPEC not fundamentally changing its position—this will not change anytime soon. “It may actually be a blessing in disguise,” says a Bahraini businessman working in Al Khobar (Saudia Arabia). “In the past, when you saw a project with a budget of 100 million, you could be sure that it could be done for half the price,” he says. “Now, costs are cut on all sides, which is a good thing.”

Why Oil-Rich Gulf Countries Should Go Solar

Gulf countries are as richly endowed with renewable resources as they are with hydrocarbons. They benefit from strong regular sunshine and the space to develop large solar power plants, but despite the potential, some barriers remain that may prevent renewable energy from becoming a reality in GCC countries. These include an absence of renewables-friendly regulations and highly subsidised fossil fuels.

Low Oil Prices in the GCC: Handouts Handcuff the Oil Kings

No matter how rich, the care-free life of the past decade or so is at risk. In April 2015, the World Bank estimated that the GDP of the GCC states could fall in 2015 by $215 billion, about 14 per cent of their combined GDP, so it is time to come up with a plan to fix, or at least mitigate, the budget deficits. The governments could choose to spend less or to generate more income from sources other than oil: both paths are a challenge.