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DEGI looks at the office and retail markets of the Gulf Cooperation States

The title of the latest study from DEGI Research, “Built on Black Gold – the Property Markets of the Gulf Cooperation States” says it all: economic developments and thus the property markets at the Gulf stand or fall with developments of the oil price. This region’s abundance of raw materials, a blessing for the otherwise hostile natural environment, is increasingly being perceived as unilateral dependence by the six nations of the Gulf Cooperation Council (GCC) Bahrain, Kuwait, Oman, Qatar, Saudi-Arabia and the United Arab Emirates (UAE). Revenues from the oil and gas sectors account for two-thirds to four-fifths of government revenues in the GCC nations. And the correlation between national income and the oil price is even higher. By diversifying their economies and introducing sustainable concepts, the nations concerned are aiming to counter this, and broaden the scope of their economies to include the financial sector, tourism, trade and industry. The front-runners here are Bahrain and the UAE, with Dubai, in particular, drawing the global public’s attention with its spectacular and visionary construction projects.