The GCC will see cautious rather than runaway growth in 2010, according to Emirates NBD’s senior executives. The GCC economies are set to see an average growth of between three to four per cent this year compared to last year, senior executives at Emirates NBD, the region’s largest bank by asset size, have said.

The bank predicted real GDP growth during this year of 2.5 per cent for the UAE, three per cent for Saudi Arabia, 1.5 per cent for Kuwait, three per cent for Oman, 2.5 per cent for Bahrain and 10 per cent for Qatar. By comparison, Emirates NBD said that the more traditional markets would stagnate, with GDP growth for the Eurozone predicted at one per cent, for the UK at 0.5 per cent and Japan at one per cent.