GCC states expect USD 204bn oil revenues in 2004. A report released by the Emirates Industrial Bank
(EIB) estimated oil revenue for 2004 by the GCC countries to increase by 46% y/y to reach USD
204bn.
EIB report attributed the average 27% increase in oil prices for increase in oil revenues. EIB
expects GCC states to close their current fiscal years with large surpluses, resulting in increased
expenditure over infrastructure and other public services projects.
EIB expects the growth momentum resulting from higher incomes to go well into 2005