The percentage of GDP devoted to Gross Fixed Capital Formation (GFCF) in 20002 the GCC countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) varied from less than 12 per cent in the case of Kuwait to 25 per cent in the case of the UAE. The Government carries out a...

The price elasticity of demand for oil has changed significantly since the sharp rise in oil prices in late 1973. Although oil is still a necessary commodity with a price elasticity of less than one, the policies recently introduced by many importing countries to store oil and reduce its...