The Gulf Cooperation Council’s (GCC) aviation sector says it expects to receive more than $45bn in investments over the next five years, according to a report by the Kuwait Financial Centre.

GCC countries include Saudi Arabia, Qatar, UAE, Oman, Bahrain, Kuwait and Yemen (though not an official member).

The UAE is ahead in the race as it proposes to invest $22.3bn at its new Al Maktoum International Airport in Jebel Ali.

It says it expects to accomodate an estimated 120 million passengers a year by 2014.

Qatar has allocated $14bn, while Saudi Arabia has allocated $5.3bn towards development.

Despite the economic downturn, GCC has a steady passenger traffic growth with UAE posting a steady 13% growth between 2002-2008.