Leaders of some of the Gulf region's largest companies have dismissed the International Monetary Fund's recent concerns for the region after oil price weakness, claiming the "belt tightening" has actually been a positive for the region's economy.
There will some "long-term stayers" from the Gulf which will be able to weather the recent bout of low oil prices, the chief executive of state-backed National Bank of Abu Dhabi (NBAD) told CNBC, who added that region is simply no longer reliant on oil in the same way it once was.
"I think the long-term stayers are obvious to everyone - the United Arab Emirates (UAE), Saudi Arabia, Qatar and Kuwait have very cheap extraction. And those countries can continue to prosper from the extraction of hydrocarbons. I think beyond that, Iraq, certainly if it can get its political situation sorted, is also a very low cost producer," Alex Thursby told CNBC at the sidelines of the Global Financial Markets Forum in Abu Dhabi.
After dropping to close to a six-year low in January, the price of oil has rallied in recent weeks but forecasts for short-term price stability are mixed.