SUSTAINED HIGH OIL prices underpinned robust economic growth in the Arab world during 2005, fuelling the property sector, stock markets and consumer demand. Despite corrections in many Arab stock markets in the first half of 2006, markets have since generally stabilized and most indices are above the end-2004 level. Some markets remain under pressure.
The road to recovery for the banking sector started in 2003, led by banks operating in the Gulf Cooperation Council countries of Saudi Arabia, Kuwait, UAE, Bahrain, Qatar and Oman.
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