Deal spells re­lief for Gulf Arab states

China Daily (Hong Kong) - - BUSINESS -

A top wealth man­age­ment expert said on Tues­day that the re­cent OPEC deal to cut oil out­put, would give the Gulf Arab coun­tries some eco­nomic re­lief in 2017. Gary Du­gan, chief in­vest­ment of­fi­cer of wealth man­age­ment at Dubai’s first bank Emi­rates NBD, said the oil mar­ket was see­ing stronger prices, af­ter the 13 OPEC mem­ber states agreed late Novem­ber to slash oil out­put by 1.2 mil­lion bar­rels per day. On Mon­day, the price of black gold climbed to more than $55 per bar­rel, a 17-month high. Du­gan also fore­cast a 15 per­cent rise for Gulf Arab shares in the first quar­ter of 2017, “as val­u­a­tions re­main at­trac­tive and in­vestors from abroad con­tinue to put funds into the emerg­ing mar­kets.”


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