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The combined economy of the GCC stood at around $323 billion in 2001 and is expected to record a modest growth this year mainly because of lower crude oil production and prices, according to independent forecasts.

President His Highness Sheikh Zayed bin Sultan Al Nahyan is fully committed to human development because he believes it is the ultimate goal and the key to progress in any society, according to an official study published yesterday.

Lower oil prices and the September bombings in the U.S. depressed Arab economies in 2001, but their balance of payments remained in surplus and overseas financial reserves recorded a sharp growth, according to official figures.

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The combined current account in the six-nation GCC will record a surplus for the third consecutive year in 2002 while the economy will grow in real terms despite an expected decline in oil exports, according to official and independent estimates.

A series of oil production cuts intended to prevent a price collapse will likely cost GCC around $4 billion this year as their crude sales are projected to slide below $100 billion, according to independent estimates.

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Gulf Arab states should get closer to India and Pakistan and form an alliance with the two subcontinent giants to serve their interests and offset the growing military power of the neighbouring states Iran and Iraq, according to a UAE study.

Commercial banks in the UAE have heeded Central Bank inst-ructions and largely surpassed international standards on capital adequacy by strengthening their reserves and tightening credit rules, according to their balance sheets.