The year 2015 marked one of the worst years for oil prices and resulting government revenues; the backbone on which most of the GCC economies ride. The note highlights the various risks faced by the GCC economies in 2016 on account of low oil price, US Fed rate hike, declining Chinese GDP growth, emerging market crisis and geopolitical events. The note also features the impact that the risks have on various facets such as economy, stock markets, bond markets and real estate.