The Gulf Investment Corporation published a report saying that the six Gulf Cooperation Council States will collectively post a 5.8 percent expansion by the end of the year, reaching a GDP of $1.6 trillion in current prices.

The GIC is a Kuwaiti-based firm owned jointly by the governments of the GCC.

The report stated that it is not expected that the recent falling oil prices will have any effect on the predicted growth because the GCC countries are moving towards a consumer society in which public spending is fueling the economy while at the same time governments are instituting reforms to strengthen and stabilize their economies.

"Despite speculation about a further oil price decline, the GCC economies are still expanding as they are based on real growth pillars," the report stated.

"The first and most important pillar is the high public spending in most member states as it accounts for nearly 35 percent of GDP… this is coupled with the implementation of massive projects worth nearly $1.1 trillion, almost a quarter of the world's investment in infrastructure and energy."