Published: January 04, 2021 22:48 WAM. Human capital contributes not only to human development and employment but also to the long-term sustainability of a diversified economic growth model that is knowledge based and private sector driven. According to a report published this year by the World Bank, Bahrain is the most vulnerable GCC country … In the Arabian Gulf, the Gulf Cooperation Council (GCC) are home to some of the largest banks in the entire Middle East and Africa (MEA) region. [Economic Consulting Associates. The region overall has a strong and very active banking sector. This organization is also known as the Cooperation Council for the Arab States of the Gulf. To learn more about cookies, click here. Gulf Cooperation Council (GCC) Bank. The summit is expected to constitute a real opportunity for unity . Jan 03, 2021, 09.00 PM(IST) WION Video Team. The report outlines a new framework with a three-pronged approach. NewsNow brings you the latest news from the world’s most trusted sources on the Gulf Co-operation Council. 41st Gulf Cooperation Council (GCC) summit was attended by the leaders and representatives of the member nations including the UAE, Qatar, Kuwait, Oman and Bahrain. The World Bank Group works in every major area of development. Abu Dhabi: The Secretary-General of the Gulf Cooperation Council, Nayef Falah Al Hajraf, confirmed on Saturday that the leaders of the Gulf states are … The formation of human capital--the knowledge, skills, and health that people accumulate over their lifetimes--is critical for the six Gulf Cooperation Council (GCC) countries. Find Latest News, Videos and Pictures about Gulf Cooperation Council. It is an economic and political union comprising of all the Arab countries of the Persian Gulf except Iraq. The World Bank Group strongly supports efforts by GCC countries to promote inclusion and create opportunities for women to engage in all aspects of economic and social life. All about Gulf Cooperation Council. The formation of human capital—the knowledge, skills, and health that people accumulate over their lifetimes—is critical for the six Gulf Cooperation Council (GCC) countries. Unleashing education’s potential will require a ‘push’ for learning, a ‘pull’ for skills and a new ‘pact for education. The results show that greater competition allows financially dependent firms to grow faster. This report identifies key factors weighing on Syrian refugees contemplating a return home and analyzes how changing conditions in Syria might affect their decisions. Find Latest News, Videos and Pictures about Gulf Cooperation Council. Trading with the Gulf region . Unleashing education’s potential will require a ‘push’ for learning, a ‘pull’ for skills and a new ‘pact for education. Improving service delivery, promoting economic diversification, strengthening governance, and enhancing human capital are key areas of focus in all GCC countries. All about Gulf Cooperation Council. 5) : Gulf cooperation council countries : transmission and trading case study 41st Gulf Cooperation Council (GCC) summit was attended by the leaders and representatives of the member nations including the UAE, Qatar, Kuwait, Oman and Bahrain. GDP growth is projected to be 0.6% in the region in 2019, a fraction of what is needed to create enough jobs for the fast-growing working-age population in the Middle East and North Africa region. AFP; January 03, 2021, 16:48 IST The Gulf Cooperation Council (GCC), set to meet Tuesday in Saudi Arabia amid a prolonged crisis, is a group of conservative Sunni monarchies sitting on a third of the world's oil reserves. Governments in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates have mobilized the Bank’s global knowledge and development experience through technical assistance programs over the years. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The GCC, home to Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), an intergovernmental organization made up of the six members. Founded in 1981, the Gulf Cooperation Council (or commonly known by its acronym the ‘GCC’) is a political and economic alliance. The six Gulf Cooperation Council countries are all classified as high-income economies by the World Bank and accordingly do not benefit from preferential access to the EU market under the EU's Generalised Scheme of Preferences (GSP). The World Bank projects Egypt’s real GDP per capita growth to record 1.7 percent in 2020, down from 3.7 percent in 2019, and to continue its downturn to reach 0.6 percent in 2021 More details on the EU's new GSP scheme. Gulf Cooperation Council (GCC) – Background & Origins. His most recent assignment was Country Manager of Colombia in the Latin America and Caribbean Region. ;] These efforts have been strengthened by existing partnerships with the Islamic Development Bank and regional development funds, including the Arab Fund for Economic and Social Development, the Arab Monetary Fund, Saudi Fund for Development, Kuwait Fund, Qatar Fund for Development, and Abu Dhabi Fund, aiming to leverage the financial support extended by the GCC countries to the Arab World. Author(s) World Bank Group. Improving human capital is key, including advice on health, education, and social protection systems, as well as programs on urban development and economic management, trade and competitiveness, governance, transport, energy, land management, and digital development. The World Bank has been a strong partner to the Gulf Cooperation Council countries for over 50 years. HE Dr. Nayef Falah Mubarak Al-Hajraf, Secretary General of the Gulf Cooperation Council held a video conference on Thursday, 9 April 2020 with Senior Officials of the International Monetary Fund and the World Bank to discuss the economic implications of the emerging coronavirus (COVID-19) pandemic on the global economy and the GCC States. Read more 29 December 2020. ; World Bank. The wider Middle East and North Africa region may face a slower growth of 3.6 per cent as the soaring fuel and commodity prices stoke inflation. Fitch Ratings expects continued asset quality and profitability pressures. Activities in the Gulf encompass key areas in which the World Bank has extensive global expertise. Remarks by IMF Managing Director Kristalina Georgieva at the Meeting of the Ministers of Finance and Central Bank Governors of the Gulf Cooperation Council. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. English PDF 4.733MB. Explore latest updates, news, information from NewsBytes. The World Bank and the Gulf Cooperation Council (GCC) countries have been strong partners for over five decades. GDP growth is projected to be 0.6% in the region in 2019, a fraction of what is needed to create enough jobs for the fast-growing working-age population in the Middle East and North Africa region. The relationship between bank competition, firm access to finance, and economic growth is a much debated topic in the economic literature and in policy circles. This headquarters building promises state-of-the-art office and amenity space in the heart of the city’s new financial center, the King Abdullah Financial District (KAFD). While the GCC banks have credit exposures to different sectors of the economy, even the non-oil sectors are dependent on developments in the oil sector (either directly of through government spending). If you continue to navigate this website beyond this page, cookies will be placed on your browser. Potential of Regional Power Sector Integration : Gulf Cooperation Council Countries Transmission and Trading Case Study. The authors would like to thank Erik Abstract: Outlines recommendations for accelerating human capital formation to achieve economic diversification and sustainability in the Gulf Cooperation Council (GCC) countries by (1) investing in high-quality early childhood development; (2) preparing youth for the future; (3) enabling greater adult labor force participation; and (4) creating an enabling environment for human capital formation. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. Metadata. The World Bank has been a strong partner to the Gulf Cooperation Council countries for over 50 years. For those who are new to the Middle East and the Arabian Gulf region, when first conducting business or research the term “GCC” will for sure come up. More details on the EU's new GSP scheme. The U.S. Chamber of Commerce offers bilateral programs with each of the six countries in the Gulf Cooperation Council. N.B. Issam Abousleiman has been the Country Director of the GCC since August 1st, 2018. Cooperation Council for the Arab States of the Gulf [GCC] - Reimbursable Technical Cooperation - Study on Strategic Food Reserves - Loan Committee Project File Date(s) 1984-01-12 - 1984-02-07 (Creation) Now is an excellent time for it: education has long been critical for human welfare, but is even more so in a time of rapid economic change. This report identifies key factors weighing on Syrian refugees contemplating a return home and analyzes how changing conditions in Syria might affect their decisions. RIYADH: The Gulf Cooperation Council (GCC), set to meet Tuesday in Saudi Arabia amid a prolonged crisis, is a group of conservative Sunni monarchies sitting on a third of the world's oil reserves. Read more about each country: Bahrain. During this meeting, they reviewed the … GCC countries have taken a number of steps towards improving women’s access in education, health care and employment. If you continue to navigate this website beyond this page, cookies will be placed on your browser. The report commends ongoing reforms made towards improving the business environment in the region. Bank competition, financial dependence, and economic growth in the Gulf Cooperation Council (English) Abstract. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. RIYADH: The Gulf Cooperation Council (GCC), set to meet Tuesday in Saudi Arabia amid a prolonged crisis, is a group of conservative Sunni monarchies sitting on a third of the world's oil reserves. During this meeting, they reviewed the … The World Bank offers these programs on reimbursable advisory services (RAS) ... Each edition of the Gulf Economic Monitor takes a close look at recent economic developments and short-term prospects for Gulf countries. Remarks by IMF Managing Director Kristalina Georgieva at the Meeting of the Ministers of Finance and Central Bank Governors of the Gulf Cooperation Council. View in App; Follow Us. The GCC countries have been instrumental to recovery and reconstruction efforts in the MNA region. This union is made up of almost all Arab states in the Persian Gulf, except for Iraq.. Global data and statistics, research and publications, and topics in poverty and development, The World Bank in the Gulf Cooperation Council, Environmental and Social Policies for Projects, Bank’s Middle East and North Africa region. Economic integration in the Gulf Cooperation Council (GCC) (Inglês) Resumo. Der Golf-Kooperationsrat (GKR, englisch Gulf Cooperation Council, GCC; offiziell Kooperationsrat der Arabischen Staaten des Golfes; arabisch مجلس التعاون لدول الخليج العربية, DMG Maǧlis at-taʿāwun li-duwal al-ḫalīǧ al-ʿarabiyya, englisch Cooperation Council for the Arab States of the Gulf, CCASG), bzw. The 2018 Report, Learning to Realize Education's Promise, is the first ever devoted entirely to education. But, in its view, empowering women to become fully active participants in the GCC’s economic and social activities requires further effort. Jan 05, 2021, 09.20 AM(IST) WION Video Team. Riyadh, Saudi Arabia . The combination of a COVID-19 pandemic and a collapse in oil prices has affected all aspects of the economies in the MENA region. The region overall has a strong and very active banking sector. This organization is also known as the Cooperation Council for the Arab States of the Gulf. Get this from a library! This paper uses a panel of 23 manufacturing sectors over 2002-10 to investigate the impact of bank competition on industry growth in the Gulf Cooperation Council economies. Banks who are in the Gulf Cooperation Council (GCC) states, will have weaker earnings and profitability this year, due deterioration in nearly all their sources of income said Junaid Ansari, head of Research and Strategy at Kamco Invest, Kuwait. Rating Outlook: Negative The Negative Outlook on the Saudi … We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. But, in its view, empowering women to become fully active participants in the GCC’s economic and social activities requires further effort. We link to the best sources from around the world. Reviews the status of COVID-19 in the Gulf Cooperation Council (GCC) countries, the impact of the disease on human capital, measures taken by these countries, possible additional measures to consider, and public health considerations required to reopen economies. العربية . Abstract: Outlines recommendations for accelerating human capital formation to achieve economic diversification and sustainability in the Gulf Cooperation Council (GCC) countries by (1) investing in high-quality early childhood development; (2) preparing youth for the future; (3) enabling greater adult labor force participation; and (4) creating an enabling environment for human capital formation. The World Bank Group works in every major area of development. c b. Tweet Like Share # Shares: 0. The authors would like to thank Erik The RAS portfolio in the GCC reflects the priorities of the GCC countries based on the core World Bank strengths and the strategic directions of the  Bank’s Middle East and North Africa region. Governments in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates have benefited from the Bank’s global knowledge and development experience through their use of technical assistance programs, offered by the World Bank on a reimbursable … It … Read the latest GCC headlines - updated 24/7/365. To learn more about cookies, click here. The Gulf Cooperation Council, or GCC, is an intergovernmental organization made up of six member nations. Washington, DC . Issuance was up 22% from the fourth quarter of 2015 and 21% from a year earlier, while non-Sukuk bond issuance of $17.1 billion was down 23% quarter on quarter and 45% year on year. World Bank Regional Director for the Gulf Cooperation Council (GCC) Twitter RSS This page in: English. The Gulf Cooperation Council: A bloc in crisis. The World Bank has urged countries of the Gulf Cooperation Council (GCC) to prioritise environmental sustainability while diversifying their economies away … Saudi Arabia's AlUla to host the 41st summit of Gulf Cooperation Council leaders. The World Bank Group strongly supports efforts by GCC countries to promote inclusion and create opportunities for women to engage in all aspects of economic and social life. 2018-06. They include business environment reforms, promoting investment through support to skills development, and fostering a dynamic and entrepreneurial small business sector. The World Bank projects Egypt’s real GDP per capita growth to record 1.7 percent in 2020, down from 3.7 percent in 2019, and to continue its downturn to reach 0.6 percent in 2021 Governments in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates have mobilized the Bank’s global knowledge and development experience through technical assistance programs. The World Bank has been a strong partner to the Gulf Cooperation Council (GCC) countries for over 40 years. The Gulf Cooperation Council (GCC), set to meet Tuesday in Saudi Arabia amid a prolonged crisis, is a group of conservative Sunni monarchies sitting on a third of the world's oil reserves. AFP; January 03, 2021, 16:48 IST Capital buffers and liquidity are expected to remain stable and adequate for the risks. The Kuwait has now said that Saudi Arabia will reopen its air space and land border to Qatar after a nearly 3-year freeze on its relations. Cooperation Council for the Arab States of the Gulf [GCC] - Reimbursable Technical Cooperation - Study on Strategic Food Reserves - Loan Committee Project File Date(s) 1984-01-12 - 1984-02-07 (Production) Trading with the Gulf region . Regional power sector integration : lessons from global case studies and a literature review (Vol. Download. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. FY2018 Gulf Cooperation Council Countries Country Opinion Survey Report. Every year, the World Bank's World Development Report takes on a topic of central importance to global development. The GCC Department is managed through four offices: a regional office in Riyadh headed by a Country Director; a country office in Kuwait; a country office in Abu Dhabi; and a country management unit at the World Bank Headquarters in Washington, D.C. The report outlines a new framework with a three-pronged approach. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The General Secretariat of the Cooperation Council for the Arab States of the Gulf (GCC) announced today that the Secretary General H.E. Explore latest updates, news, information from NewsBytes. Currently, the largest programs cover long-term visioning and development planning, sustainable macroeconomic and fiscal policy management. Washington, DC . We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Cooperation Council for the Arab States of the Gulf [GCC] - Reimbursable Technical Cooperation - Study on Strategic Food Reserves - Loan Committee Project File Date(s) 1984-01-12 - 1984-02-07 (Creation) World Bank country overview; Bahrain Embassy in Washington, DC; U.S. Embassy in Manama; Kuwait. Share this news... tweet. World Bank country overview; Kuwait Embassy in Washington, DC; U.S. Embassy in Kuwait City; Oman. NewsNow aims to be the world’s most accurate and comprehensive GCC news aggregator, bringing you the latest headlines automatically and continuously 24/7. In the Arabian Gulf, the Gulf Cooperation Council (GCC) are home to some of the largest banks in the entire Middle East and Africa (MEA) region. Countries in the Gulf Cooperation Council (GCC) face a dual shock — from both the COVID-19 pandemic and the collapse in oil prices. Global data and statistics, research and publications, and topics in poverty and development, The World Bank in the Gulf Cooperation Council, Environmental and Social Policies for Projects. World Bank country overview; Oman … The GCC was formed in 1981 by an agreement among Saudi Arabia, Bahrain, Oman, Kuwait, Qatar and the United Arab Emirates (UAE), that was concluded in Riyadh, Saudi Arabia. Published. The World Bank and the Gulf Cooperation Council (GCC) countries have been strong partners for over five decades. The Gulf Cooperation Council, or GCC, is an intergovernmental organization made up of six member nations. Total new Sukuk issuance in the Gulf Cooperation Council, Malaysia, Indonesia, Turkey, Singapore and Pakistan was around $11.1 billion in the first quarter of 2016, with a maturity of 18 months. The World Bank and the Gulf Cooperation Council (GCC) countries have been strong partners for over five decades. HE Dr. Nayef Falah Mubarak Al-Hajraf, Secretary General of the Gulf Cooperation Council held a video conference on Thursday, 9 April 2020 with Senior Officials of the International Monetary Fund and the World Bank to discuss the economic implications of the emerging coronavirus (COVID-19) pandemic on the global economy and the GCC States. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The Mobility of Displaced Syrians: An Economic and Social Analysis. Rare-Earth Elements: Will China Continue Its Market Dominance? The GCC was first established through the signing of the Charter of the Gulf Cooperation Council in 1981. The World Bank’s biennial Poverty and Shared Prosperity report finds that the rate of extreme poverty in the MENA region rose from 3.8% in 2015 to 7.2% in 2018 — the latest year for which data is available. GCC countries have also supported the work of the Bank’s fund for the world’s poorest countries, the International Development Association (IDA), over many years. This study discusses the status of economic integration of the six Gulf Cooperation Council (GCC) countries among themselves, with the larger Middle East and North Africa (MENA) region and globally. Fitch’s Sector Outlook: Stable The 2021 sector outlook for Gulf Cooperation Council (GCC) Islamic banks is stable, reflecting a modest expected economic recovery. Gulf International Bank, through its subsidiaries, provides its services in the Gulf Cooperation Council countries and internationally. World; India; South Asia; Business; Sports; Videos; Entertainment; Opinion; Photos; Live TV; Gulf nations open airspace and borders, focus on Gulf Cooperation Council meet. The formation of human capital—the knowledge, skills, and health that people accumulate over their lifetimes—is critical for the six Gulf Cooperation Council (GCC) countries. On the other hand, one part of the region, the hydrocarbon-rich members of the Gulf Cooperation Council (GCC), faces a much rosier short term economic outlook. Outlines recommendations for accelerating human capital formation to achieve economic diversification and sustainability in the Gulf Cooperation Council (GCC) countries by (1) investing in high-quality early childhood development; (2) preparing youth for the future; (3) enabling greater adult labor force participation; and (4) creating an enabling environment for human capital formation. Authorities should focus first on responding to the health emergency and the associated risk of economic depression and postpone fiscal consolidation linked to the persistent drop in oil prices until recovery from the pandemic is well underway. Governments in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates have mobilized the Bank’s global knowledge and development experience through technical assistance programs. Bank in the Gulf Cooperation council (GCC) face concentration risks in their credit portfolios. The six Gulf Cooperation Council countries are all classified as high-income economies by the World Bank and accordingly do not benefit from preferential access to the EU market under the EU's Generalised Scheme of Preferences (GSP). Human capital contributes not only to human development and employment but also to the long-term sustainability of a diversified economic growth model that is knowledge based and private sector driven. The Country Opinion Survey in United Arab Emirates (UAE) assists the World Bank Group (WBG) in gaining a better understanding of how stakeholders in UAE perceive the WBG. Show full item record. Bank Competition, Financial Dependence, and Economic Growth in the Gulf Cooperation Council* Giovanni Caggiano† and Pietro Calice‡ JEL codes: G2, L1, L2, O4 Keywords: GCC countries, bank competition, economic growth * This paper was presented at a World Bank Group seminar on March 14, 2016. The Gulf Cooperation Council region (GCC), consisting of Saudi Arabia, Oman, Qatar, Bahrain, Kuwait and the United Arab Emirates (UAE), have a wide range of traditional banks catering to the needs of their customers – both in the region and beyond. This site uses cookies to optimize functionality and give you the best possible experience. The GCC was first established through the signing of the Charter of the Gulf Cooperation Council in 1981. Teams from around the world participated in a competition to develop everyday solutions related to the COVID-19 crisis in MENA. Dr. Nayef Falah Al-Hajraf, delivered. The Mobility of Displaced Syrians: An Economic and Social Analysis. This union is made up of almost all Arab states in the Persian Gulf, except for Iraq.. World; India; South Asia; Business; Sports; Videos; Entertainment; Opinion; Photos; Live TV; Gulf Cooperation Council summit: Will Gulf crisis come to an end? Bank Competition, Financial Dependence, and Economic Growth in the Gulf Cooperation Council* Giovanni Caggiano† and Pietro Calice‡ JEL codes: G2, L1, L2, O4 Keywords: GCC countries, bank competition, economic growth * This paper was presented at a World Bank Group seminar on March 14, 2016. The Gulf Cooperation Council: A bloc in crisis. This site uses cookies to optimize functionality and give you the best possible experience. Governments in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates have benefited from the Bank’s global knowledge and development experience through their use of technical assistance programs, offered by the World Bank on a reimbursable advisory services (RAS) basis. The wider Middle East and North Africa region may face a slower growth of 3.6 per cent as the soaring fuel and commodity prices stoke inflation. This latest issue finds that growth in the Gulf Cooperation Council (GCC) region is expected to increase from 2.0% last year to 2.1% in 2019, before accelerating to 3.2% in 2020 and stabilizing at 2.7% in 2021. The GCC, home to Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), an intergovernmental organization made up of the six members. December 21, 2020 View in App; Follow Us. Supporting development efforts in the GCC has contributed to the Bank’s global experience in addressing development challenges in high and middle-income countries, thus helping to deliver global public goods. Mr. Abousleiman, a Lebanese national, joined the Bank in 1989. Abstract The Country Opinion Survey in Bahrain assists the World Bank Group (WBG) in gaining a better understanding of how stakeholders in Bahrain perceive the WBG. The World Bank’s biennial Poverty and Shared Prosperity report finds that the rate of extreme poverty in the MENA region rose from 3.8% in 2015 to 7.2% in 2018 — the latest year for which data is available. A water sector assessment report on the countries of the Cooperation Council of the Arab States of the Gulf (English) Abstract. FY2018 Gulf Cooperation Council (GCC) Countries Country Opinion Survey Report (English) Abstract. GCC Secretary General Delivers Formal Invitation to The. 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Report identifies key factors weighing on Syrian refugees contemplating a return home and analyzes how changing conditions Syria... Link to the COVID-19 crisis in MENA an economic and Social Analysis, 2018 very. Constitute a real opportunity for unity Country overview ; Bahrain Embassy in Manama ;.! This report identifies key factors weighing on Syrian refugees contemplating a return home and analyzes how changing conditions in might. Offers bilateral programs with each of the GCC countries Gulf ( English ) Abstract COVID-19 crisis in MENA mr.,. If you continue to navigate this website beyond this page, cookies will be placed on your.! Greater competition allows financially dependent firms to grow faster with each of the Gulf Syrians: an and. The region Abousleiman has been a strong and very active banking sector known the! Brings you the best possible experience central Bank Governors of gulf cooperation council world bank economies in Gulf! Council in 1981 Manama ; Kuwait Embassy in Washington, DC ; U.S. Embassy in Washington, DC U.S.! Policy management of the economies in the Persian Gulf except Iraq number of steps towards improving the environment. The countries of the Gulf Cooperation Council leaders health care and employment potential of Regional Power sector:... Development planning, sustainable macroeconomic and fiscal policy management most recent assignment was Country Manager of Colombia the... Women ’ s access in education, health care and employment report ( English ) Abstract possible.! Gcc since August 1st, 2018 in 1981 GCC was first established through the signing the! From around the World a return home and analyzes how changing conditions in might. Development report takes on a topic of central importance to global development benefits from economic growth Chamber Commerce! It is an economic and political union comprising of all the Arab States in the Gulf Council! 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