The tremendous real estate leap in the 6 Gulf countries (GCC) has caused the quadrupling of the real estate sector in the last 3 years, reaching $2.2 trillion, and is bound to witness more growth in the coming years. According to a report by a British company which specializes in real estate, the real estate sector in the Gulf has attracted 5 million workers. The same study estimates that the real estate leap will draw between 25 million and 30 million workers in the next two decades. The sector has become one of the most significant sources of income behind oil and industry [largely petrochemical].
As far as oil production is concerned, the GCC countries produced 18% of global production and 39% of exports with a similar percentage of proven reserve.
Al-Hayat, July 31, 2008; al-Riyadh, Saudi Arabia, August 3, 2008