GCC states’ economy has achieved strong growth and reached $1.65 trillion in 2014, compared with $535.7 billion a decade ago, revealed a report.
According to the report issued by asset management firm, Al Masah Capital Limited, Gulf real estate markets have seen a growth by 12 per cent in 2014, unlike the global real estate markets that fell in 2014, reports alarabiya.net.
Global real estate investment fell in 2014 for the first time in five years by 6.3 per cent and reached $1.21trn, compared with $1.29trn in 2013.
The report pointed out that despite the recent decline in oil prices, which reined in GDP growth in the short term, the GCC economy is expected to recover in light of supportive economic policies and strong performances in the non-oil sector.
According to the International Monetary Fund, the GCC economy is expected to reach approximately $2trn by 2020, as Saudi Arabia is expected to account for $902bn of the GCC economy; followed by the UAE at $502bn; Qatar, $269bn; Kuwait, $196bn; Oman, $81bn; and Bahrain, $40bn.
(US$1 = AED 3.67, at the time of publishing)