Before the global economic crisis, GCC states were reaping the fruits of a regional diversification movement in which non-oil growth industries such as property and construction enjoyed a meteoric rise.
Fuelled further by rocketing oil prices, the GCC emerged as the Middle East and North Africa (Mena) region's fastest-growing economic bloc.
The Gulf's banking sector played a huge part in facilitating the surge and handling the region's teeming wealth. Although the early phases of the downturn slowed economic activity, overall the crisis has had a minimal effect on the region's finances.
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