Saudi Arabia, the world's leading oil producer, is planning to invest $80 billion to increase its oil output to 12.5 million barrels per day (bpd) and expand its refining capacity by 43 per cent to six million bpd within the next few years.

According to a report, the Federation of GCC Chambers of Commerce and Industry expects that the gross GCC domestic product will grow by 27.9 per cent this year to reach $1 trillion with the increase in oil prices.

The report said growing oil prices would boost GCC economies and their investments in infrastructure, tourism and real estate development projects.

"We also expect tremendous growth in the industrial and service sectors," the report said.