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FINANCIAL NEWS
GCC constructs USD 1.65tr economy on real estate
15 Dec 2015
(MENAFN) GCC real estate markets increased, as Al Masah Capital announced a thriving GCC economy at USD 1.65tr in 2014 compared to USD 535.7bn a decade ago.
International real estate investment decreased last year at 6.3 percent to USD 1.21tr from USD 1.29tr in 2013, whereas the current fall in oil prices subdued GDP growth in the short term.
Accordingly, the GGC’s economy is estimated to reach USD 2tr by 2020, with Saudi Arabia contributing USD 902bn, trailed by the UAE USD 502bn, Qatar USD 269bn, and Kuwait USD 196bn.
Through the last five years, the GCC economy has increased at an average annual rate of 5 percent, against the world average growth rate of 2.8 percent.
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