Co-operation Council cover almost 2,5000,000km2, are home to nearly 35,000,000 people, and generate more than a trillion dollars a year. Here’s a whistlestop tour of the world’s fastest growing marketplace

Saudi Arabia

How big is it? 2,149,690km²

GDP $464.4bn

How fast is it growing? 4.8%

How much is each Saudi worth? $18,654

Population 23,678,849

Transparency 80 / 180

What’s going on?
Saudi Arabia may have 20% of the world’s petrol resources but the government is trying to diversify the economy away from oil exports to provide jobs for its young and swelling population. Saudi is the largest construction market in the Gulf and growing fast – worth nearly $19bn in 2008, and expected to grow to $25.46bn by 2012. Projects worth about $300bn have been announced, including six giant “economic cities”. The 2008 budget envisaged more than $50bn in construction-related activities.

How attractive is it as an expat destination? 0/5

Oman

How big is it? 212,460km²

GDP $50.5bn

How fast is it growing? 7.4%

How much is each Omani worth? $19,463

Population 2,743,499

Transparency 41 / 180

What’s going on?
Oman’s oil resources are dwindling so it’s fast trying to diversify, and the government is actively seeking private investment from abroad. By 2010, its real estate market will be worth nearly $21bn, and the government’s five-year plan running from 2006-2010 is aiming for $11.8bn of investment in infrastructure, schools and hospitals and $2.5bn in tourism. A 25-year plan announced in 1995 anticipated the construction and property sector growing to 10% of GDP by 2020.

How attractive is it as an expat destination? 3/5

Qatar

How big is it? 11,437km²

GDP $98.3bn

How fast is it growing? 14.1%

How much is each Qatari worth? $95,167

Population 936,287

Transparency 28 / 180 – The most transparent in the region

What’s going on?
Qatar’s enormous wealth is going to change the face of the country over the next 15 years. Its government has published an ambitious masterplan for development up to 2025, and is revamping its infrastructure to keep up. Between 2005 and 2009, the Public Works Authority will spend $6.9bn on more than 50 projects and a $5.2bn airport is under construction. Mega projects under way include the city of Lusail, The Pearl island complex, Al Waab City and Energy City Qatar, which together are estimated to be worth more than $10bn.

How attractive is it as an expat destination? 4/5

Bahrain

How big is it? 665km²

GDP $24.4bn

How fast is it growing? 6.2%

How much is each Bahraini worth? $31,302

Population 760,168

Transparency 43 / 180

What’s going on?
The tiny archipelago of Bahrain was the earliest developer of the Gulf states, has the most diversified economy and has long been a financial centre. Construction-wise, it had a reputation as a sleepy backwater, but in 2007 the government released a national development strategy up to 2030, covering 75,000ha – 100km² more than its original landmass – and Business Monitor International forecasts that the construction industry will grow by an average of 4.9% a year to reach $819.65m by 2012.

How attractive is it as an expat destination? 2/5

United Arab Emirates

How big is it? 83,600km²

GDP $239.9bn

How fast is it growing? 6.3%

How much is each Emirati worth? $50,383

Population 4,229,000

Transparency 35 / 180

What’s going on?
Sibling rivalry and vaunting ambition define the UAE, and the focus is shifting from Dubai to bigger brother Abu Dhabi, which is just starting to translate its much greater wealth into development through the grand Plan Abu Dhabi 2030 (see pages 24-26). Dubai’s own Strategic Plan 2015 wants to grow per capita GDP by 41%. The other Emirates are hot on their heels to attract their own tourists, particularly beautiful but oil-poor Ras Al Khaimah which is building more than 20 five-star hotels over the next five years. Business Monitor International predicts the UAE’s construction industry will reach $19.3bn this year.

How attractive is it as an expat destination? 5/5

Kuwait

How big is it? 17,820km²

GDP $145.1bn

How fast is it growing? 6%

How much is each Kuwaiti worth? $42,159

Population 2,213,403

Transparency? 65 / 180

What’s going on?
Now that the threat from Iraq has been neutralised, confidence has been growing in Kuwait’s economy. The government is making up for lost time in infrastructure investment, and has announced $51bn of spending by 2010. It also plans to create satellite cities and towns to accommodate a population that is forecast to double every 10 years. The private real estate is expanding too, with several high rise residential/commercial buildings in the pipeline.

How attractive is it as an expat destination? 1/4

KEY


  • Land area statistics are from the CIA’s World Factbook
  • Population statistics are the latest estimates from the UN, updated on 10 September 2008
  • GDP and growth statistics are from the International Monetary Fund’s World Economic Outlook database, updated in April 2008
  • Transparency rankings are from Transparency International’s “corruption perceptions index” of 180 countries, released in September 2008
  • Attractiveness as an expat destination ranked out of five – from a completely unscientific poll conducted by Building

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Middle East 03 October 2008