The Gulf Cooperation Council (GCC) countries, including Bahrain, Qatar and Saudi Arabia, may earn more than $4.7 trillion by 2020 from oil sales, which would be 2.5 times their oil earnings over the last 14 years, a report by Ernst & Young has said.
The earnings in the report have been calculated at the OPEC-targeted floor price of $50 per barrel.
According to 'Global Megatrends 2009', a report by Ernst & young, Middle East economies are predicted to be a real growth story for the next few years, even as the region has not been immune to the effects of the global downturn.
"Regional economies are well-placed to capitalise on opportunities emerging from the crisis, despite the fact that there are some concerns over issues related to the tightening of the credit markets and softening of property prices," Phil Gandier, the head of transactions advisory services at Ernst & Young, Middle East, said.
"These increased earnings will allow GCC economies to buy additional assets globally or finance local infrastructure developments. Their relatively moderate regulation and tax regimes will be even bigger attractions as European and US business environments tighten under the pressure of the ongoing global recession," he added.
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE are the members of the GCC council.
