Gulf countries' current account surplus is nearing 20 per cent of the GDP, according to a Standard Chartered Bank report.

GCC countries are heading towards diversification to alleviate the impact of oil prices fluctuations. In the UAE, oil sector comprises one-third of the GDP.

Although a bright picture is drawn for Middle East economies, it is overshadowed by inflation.

Manufacturing sector is constantly suffering from weak returns, coupled with phenomenal increases in oil prices, consumers fear the forthcoming events will making them attempt to control their budgets.

At a time when the US is facing credit crisis, liquidity is boosted in the Middle East.