Last year GCC corporates saw overall earnings growth of 26 per cent as compared to 2010. Total earnings came in at $52.3 billion against $54.26 billion in 2010.

Second-half earnings were driven by strong performance from commodity companies and banks. Bank earnings rose 17pc in 2011 to $20bn fuelled by higher government spending and lower provisions, a report said.

Aggregate net profits from the commodity sector were $13.3bn, an increase of $3.8bn over 2010, due to increased petrochemical prices and higher volumes.

Telecoms continued to drag overall earnings with a bottom-line drop of 23pc. Declining growth in mobile revenues and foreign exchange losses were the prime reasons for this fall.

The real estate sector continued its recovery with aggregate net income coming in at $2.4bn.

GCC aggregate earnings growth was driven primarily by incremental earnings from Saudi Arabia and the UAE.