Table 1 presents some key financial indicators for the stock markets in GCC countries. The GCC was
established in 1981 and it includes six countries: Bahrain, Oman, Kuwait, Qatar, Saudi Arabia and the
United Arab Emirates (UAE). GCC countries have some patterns in common. Together, they account for
about 20% of global oil production, they control 36% of global oil exports and they have 47% of proven
global reserves. Oil exports largely determine earnings, government budget revenues and expenditures and
aggregate demand. The contributions of oil to GDP range from 22% in Bahrain to 44% in Saudi Arabia.