Why governments prefer domestic bliss

A new report PricewaterhouseCoopers says Britain could have had one of the world's biggest sovereign wealth funds had the windfall from its North Sea oil been saved rather than used to cut taxes and boost spending. The news will cause wry smiles among Gulf funds, particularly in light of EU moves to demand greater transparency from sovereign wealth funds.
The report points to Norway, which has used its North Sea revenues to build up a frighteningly profitable sovereign wealth fund worth some $650 billion, and says had the UK saved just half said its windfall it would have a fund bigger than that of Kuwait ($430bn).

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Bahrain stubs out F1 posters

News from Bahrain is that all tobacco advertisements relating to Formula One have been pulled thanks to an anti-smoking campaign by health officials. The move is the latest evidence Gulf states are getting serious about tackling what Bahrain’s public health assistant under-secretary calls an “epidemic” of smoking.

Hats of to Bahrain for stepping up, and with the F1 race only weeks away. "This is a beginning and will go a long way in our ultimate goal of getting Bahrain to be a smoke-free nation," Dr Mariam Al Jalahma told the Gulf Daily News.

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The one-eyed man is not King

In amongst all the cranes and cement factories, Qatar is to be commended for giving over space in the bustling West Bay area to non-profit project. The Al Noor Institute for the Blind is building a stunning new facility for the visually impaired.

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Residency cap don't fit

The proposed six-year residency cap on expatriate workers in the Gulf is unlikely to be introduced, senior officials told a newspaper on Saturday. “A proposal on a six-year residency cap on expatriates already exists. However, a ceiling on all expatriates working in the Gulf is unlikely, as all the Gulf states may not endorse a proposal of this magnitude in the near future,” Times of Oman quotes a sources close to Gulf policymakers.

The proposal looks to be going the same way as monetary union between Gulf states. Someone thinks it might be a good idea, but member states can’t agree on the details, or the deadline.

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