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Assets instead of Oil
According to Dr Nasser Saidi, Chief Economist of the Dubai International Financial Centre, "Economies of GCC states should now be considered as asset-based ones rather than oil-based."
The 'Sovereign Reserve Management, Pension and Institutional Funds Congress 2007' was held in Doha, Qatar. During the keynote address Dr Saidi said that in the UAE for example, "asset revenue is more important than resources". The economist discussed at length sovereign wealth funds. These funds are Foreign Currency assets held by states over and above the reserves of their central banks.
The Gulf Cooperation Council (GCC) also known as the The Cooperation Council for the Arab States of the Gulf (CCASG) is a trade bloc involving the six Arab states of the Persian Gulf with many economic and social objectives.
More at; GCC Economist Urges Consideration Of Asset Based Rather Than Oil Based Economy
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