UAE leads earnings rise in GCC

UAE corporates led earnings growth in the GCC with a quarter-on-quarter jump of a staggering 17 times to $3 billion (Dh11bn) in Q1 2010 over Q4 2009, a new report said.

With their combined earnings jumping to $1.4bn in Q1 2010 – accounting for almost half the total corporate earnings in the country – UAE banks and financial services companies were key growth drivers, the report by Kuwait Financial Centre said.

With a 177 per cent q-o-q jump, Omani companies follow UAE earnings growth, with Saudi earnings up just 28 per cent and q-o-q earnings, declining by 46 per cent for Qatari corporates.