2009 was a good year for the GCC and the world, but how good? Well, only “relatively good!” The global financial crisis took its toll on the GCC market as it was hurt by the dull impact of the declining oil prices and the overall economic slowdown. As the recession reduced demand for oil, prices dropped to as low as $32.70 a barrel on January 20th 2009, after touching a record $147.27 a barrel in 2008. In 2009, the weakening dollar bolstered the investment appeal of commodities, and the “Chinese effect” has helped push oil prices back to the 80’s range.
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