The GCC remains a relative bright spot. The growth prospects of the GCC economies have generally improved in the course of the year as a result of substantial new spending commitments on the part of the regional governments. The region looks well positioned to remain fairly insulated from the global turmoil thanks to its macroeconomic stability, healthy financial sectors, and ample government reserves which can be mobilized to support activity.
Dubai-based Shuaa Capital on Thursday named Michael Philipp as its new chief executive officer, replacing Sameer Al Ansari, the latest, and most significant, management change at the company whose ambitions to become the region's leading investment bank were dashed by the global financial crisis.
