Gulf remains safe haven for investments HOME » NEWS » Gulf remains safe haven for investments With oil prices above $135 a barrel, the six Gulf countries together are estimated to accumulate their current account surplus by $1 billion a day, adding up to $360 billion for 2008, according to Merrill Lynch, a global investment bank. The bank estimates that in the short to medium term, the Gulf region will have abundant liquidity and will continue to be a safe haven for investments. Home to 40 per cent of the world's proven oil reserves and 25 per cent of natural gas reserves, the region's surpluses are big and are getting bigger. Merrill Lynch analysts estimate that a $10 rise in the per-barrel price of oil will increase GCC export revenues by $55 billion. Currently the region's non-oil growth accounts for 80 per cent of GDP growth and 70 per cent of the $2 trillion of investment projects are targeting improvements in infrastructure. Source: http://archive.gulfnews.com/