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Oil bonanza boosts Arab gross domestic product above $1 trillion

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ECH1969 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-15-06 04:12 PM
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Oil bonanza boosts Arab gross domestic product above $1 trillion
The GDP of the 22-member Arab League countries reached $1.05 trillion at the end of 2005, a $180 billion increase from the previous year, said Ahmed Gweili, chairman of the Arab Economic Unity Council.

High oil prices in the past two years have added billions of dollars to the coffers of some Arab states, mainly in the Gulf, leading to a boom in stock markets, real estate prices and budget surpluses.

Gweili said oil revenues increased 44 percent to $350 billion last year.

The Arab League includes countries with huge oil reserves, including Saudi Arabia, the world's largest oil producer, as well as the United Arab Emirates, Kuwait, Iraq and Qatar.

http://www.signonsandiego.com/news/world/20061015-1348-arabs-economy.html
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cliss Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-16-06 11:45 AM
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1. While this looks good....
I have a bit of news for them, before they start breaking out the champagne bottles.

This is stated in PetroDollars, which the Arab League deals in. The $US dollar is volatile right now. It's actually weak...in the ICU, and it's Flat Lining.

I wonder how they're handling this portfolio; if they are trying to diversify & get into Euros.




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