Well , to explain further
Oil companies hire labourers and engineers, if the companies make less profit or Economy is making "LOSS"
So , there is no more new projects being setup - Less hiring
Oil Price -> Determins profits for GCC countries
Less Oil Price -> Defcit in budget , country cancels projects
Cancelled project-> Less demand for international workers
- The other considerable figure is , labourerer class who may be in GCC on expired visa
Once the oil prices stabalize , perhaps businss will pick up
Past 2 years oil prices were between 30-41 bucks as you can see from chart
all the countries were making
NEGATIVE PROFIT and registering MASSIVE loses , which is why Saudis tried to start a war in Yamen , to raise Oil Prices it did not worked
- Oil prices since Jan are around 51-53 range
So you can see they are barly staying afloat as
a economy