The year 2005 saw sterling economic performance from the Gulf Cooperation Council (GCC) region with member countries registering robust growth rate ranging from 5.5%-8.5%. The strong GDP growth numbers were driven mainly by record high oil prices.
With oil prices trading between US$55-US$65 per barrel last year, GCC’s oil and gas export revenues are estimated at US$320bil in last year alone, thus propelling the private-sector investment boom that the region is experiencing now.
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