The member countries of the GCC are Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Qatar, Bahrain and Oman. Although the slide in the oil prices over the past year and the political unrest in neighbouring countries have caused slightly subdued GDP growth in the short term, the GCC economies are expected to recover on the back of supportive fiscal policies and continued growth in non-hydrocarbon sectors.

Upcoming world class events such as the Dubai World Expo 2020 in the UAE and FIFA World Cup 2022 in Qatar will provide a major boost to the region's tourism industry, along with the increasing numbers of the faithful travelling to Saudi Arabia to perform rites of religious pilgrimage.