Tag Archives: GCC

31,000 millionaires in Kuwait.

Kuwait was ranked in second place in Middle East and south Africa in respect to per capita income by 134,592 US dollars in 2011, with an increase by 156 percent compared to 2000. According to a report issued by the research center of Credit Suisse Bank, the number of millionaires in Kuwait reached 31 thousand millionaires in 2011, expecting that the number will reach 45 thousand by 2016, by a growth rate of 45%.

In the Middle East and North Africa (MENA) region, Qatar recorded the highest average wealth per adult of $146,623 in 2011, a rise of 456 per cent from 2000. The UAE was placed third in the region with $115,774, up 104 per cent since 2000. Among the largest economies in the region, Saudi Arabia’s average wealth per adult rose 56 per cent from 2000 to reach $35,959 while Egypt’s wealth per adult climbed 47 per cent to touch $10,421.

While the average wealth per adult of many MENA countries saw substantial growth in 2011 compared to the past year, Egypt was one of the countries for which growth remained stagnant. However, in terms of total wealth, Egypt, with an estimated $0.5 trillion, ranked just behind Saudi Arabia with $0.6 trillion.

The report reconfirms that “these are times of unprecedented economic change, and a radical reconfiguration of the world’s economic order is taking shape. Emerging markets are important drivers of the global recovery and remain the key growth engines of global wealth,” said Credit Suisse’s Asia Pacific CEO Osama Abbasi.

“Credit Suisse believes this fast emerging wealth will drive new trends in consumption and investment in Asia, underpinning Credit Suisse’s proprietary thematic research initiatives on Global Megatrends of Demographics and Multipolar World. The much higher debt per adult level in Europe versus Asia, together with the much higher wealth growth rate in Asia versus Europe, suggests there may be scope for significant mutual collaboration to help mitigate the euro debt crisis,” added Giles Keating, Global Head of Research for Private Banking and Asset Management, Credit Suisse and a member of the Credit Suisse Research Institute Operating Committee.

Report: Al Watan

GCC railway network to be operational by 2018.

DOHA: The establishment of a GCC railways authority and the presence of a strong public and private partnership are two vital components to a successful GCC railway network, say experts at the ongoing GCC Transport and Railways Conference.

“The existence of a GCC railways authority will make coordination among member states possible as well as creating a unit to manage the project,” said Dr Ramiz Al Assar, Senior Adviser to GCC Secretariat General and senior transport specialist at the World Bank, adding within the first quarter next year, a document which will serve as the project’s guideline will be finalised.

World Bank’s role in the ambitious project is limited to consultations and technical matters, Al Assar told hundreds of delegates during a panel discussing the overview of regional and national railway projects and how they can be integrated effectively.

He said the private sector has a very important role to play in the joint railway grid which will utilise the wealth of experience of the region and globally, so they are seeking public and private partnership.

“The GCC railway network is socially, economically and strategically viable project crucial to economic and population movement,” he said. Al Assar said they are working with all member states to make sure the project which has total length of 2,117km will start construction by 2014 and be operational by 2017/2018.

In a major development, he said a decision was recently reached for the GCC railway network to be linked to Yemen via Muscat.

“The project has a total cost of $10b and is expected to be completed by 2019 to 2022,” he said.

Delivering a presentation on Qatar Integrated Railway Project, Eng Ghanim Al Ibrahim, Group Director, Qatar Railways Company, was of the same view saying a GCC railway authority will establish a strong foundation for the project and that Qatar needs companies with strong commitment to its own national railway project.

With regard to the status of the project, Al Ibrahim said design has already been completed and the budget secured. In addition, tender design and procurement strategy preparation are in progress for the QR150bn project set to start construction next year. Eng Bassam Mansour, Expert-Trains and Railways Systems, National Transport Authority, UAE, shared UAE’s approach to their National Transport Plan which is based on promotion of high level of safety and public interest, mandated by legislation, based on recognized international standards and supporting competitive market.

“The GCC network is a strategic development of six member states. Though each of them will work on their own national railway projects, the GCC railway network will unify them,” he commented.

Also in the panel presenting their experiences on their national railway projects were Dr Rumaih Al Rumaih, CEO, Saudi Railways Company and Khaled Al Awadhi, General Manager, Kuwait Metro Company.

© The Peninsula 2011