The GCC markets experienced a rollercoaster ride in 2008. The first half of the year was characterized by a boom in property markets and record high prices of oil as well as other commodities that fuelled concerns of high inflation. However, the second half was a contrast, with commodity prices cooling down and crude prices plummeting 70% from their highs of USD147 per barrel in July. Property prices also crashed as the global credit crisis engulfed the financial markets.