Cheap oil has led to budget deficits in the rich Arab countries.

Oil-producing countries in the Persian Gulf forced the first time in seven years to move to finance its budget deficit, reported Bloomberg. This is because of the sharp drop in oil prices, which this winter reached a multi-year minimum.
The price of oil is now at a level lower than that budgeted for the 10 leading oil powers the Arab world. Saudi Arabia announced a deficit of $ 65 billion SAR (17 billion dollars), and Oman - about 810 billion riyals ($ 2 billion), while the second largest emirate of Dubai UAE record deficit of 4.2 billion dirhams (1.1 billion dollars) .
In 2008, Saudi Arabia, the main supplier of oil in the world, received a record budget surplus of 157 billion dollars. However, once in the second half of the price of oil collapsed from its historic high (147 dollars per barrel) four times, the flow of revenues to the country's economy has slowed.
At the same time, investments in the oil-producing countries in the poorer Arab states to decrease. For example, the most densely populated countries in the Arab world - Egypt - Experience in 2009, falling investment by half.
December 30, leaders of Arab states agreed on the introduction of the single currency and a common central bank to strengthen trade ties in the region. Now, this agreement should be signed by national governments of Saudi Arabia, Kuwait, Bahrain, Qatar and the UAE.