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Oil price fluctuations hampering GCC reforms

The oil-rich states of the Gulf Cooperation Council may talk about the need to diversify their economies and open themselves up to foreign investment, but any pick-up in the oil price seems to go hand in hand with reforms being put on the back burner

Extremely low yields have forced investors to move up the risk curve, with assets flowing into emerging market debt and high yield bonds, but what are the prospects for these fixed income segments and what are the main risks?

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