What is the GCC and its purpose?
Gulf Cooperation Council (GCC), or also known as the Cooperation Council for the Arab States of the Gulf, is a union of 6 Arab members in the Middle East. The countries are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, which are located next to each other on the coast of the Persian Gulf.
The GCC was officially set up more than 40 years ago on May 25, 1981 with its headquarters located in Riyadh, Saudi Arabia. The main purpose of GCC is to unify the Arab states and coordinate with each other to implement political, economic, and security policies that promote growth and stability for the region as a whole.
Statistics about GCC:
- GCC’s economy is one of the fastest growing in the world due to its production of around 30% of the world’s oil and gas.
- Altogether, GCC has a population of more than 65 million people and total area of around 2.6 million kilometers.
- Its total GDP amounts to an estimated $3,600 trillion dollars.
- Each member has a political system that is a type of monarchy.
- GCC countries share similar roots in Arab culture and beliefs of Islam.
What is the future goal of GCC?
Currently, the GCC nations are aware that its oil reserves, which is the main source of its revenue, are limited and may eventually run out over time. As a result, one of GCC’s goals is to diversify its economy to develop in other areas.
Development in other areas include investing in energy alternatives that are eco-friendly, attracting more foreign direct investment into the country, along with promoting its tourism and strengthening its finance sector. In addition, GCC places great emphasis on fostering entrepreneurship and creating an innovative business environment as potential economic drivers in the future.
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