"A common market and common central bank would also position the GCC as one entity that would have great “influence on the international financial system" he added.
The implementation of a single currency and the creation of a central bank is overseen by the Monetary Council.
The inside of the hexagon is filled by a map encompassing the Arabian Peninsula, on which the areas of the member countries are borderless and colored in brown.
On the edge of the hexagon are colors representing the flags of the six member countries.
This area has some of the fastest growing economies in the world, mostly due to a boom in oil and natural gas revenues coupled with a building and investment boom backed by decades of saved petroleum revenues.
In an effort to build a tax base and economic foundation before the reserves run out, the UAE's investment arms, including Abu Dhabi Investment Authority, retain over 0 billion in assets.
The creation of a customs union began in 2003 and was completed and fully operational on 1 January 2015.The name Khaleeji has been proposed as a name for this currency.If realised, the GCC monetary union would be the second largest supranational monetary union in the world, measured by GDP of the common-currency area.In 2001, the Supreme Council set the following goals: Oman announced in December 2006 it would not be able to meet the 2010 target date for a common currency.Following the announcement that the central bank for the monetary union would be located in Riyadh and not in the UAE, the UAE announced their withdrawal from the monetary union project in May 2009.on the net and you won't have a problem finding whatever you're after as it has tons of hot various categories.), is a regional intergovernmental political and economic union consisting of all Arab states of the Persian Gulf, except for Iraq.Recovery plans have been criticized for crowding out the private sector, failing to set clear priorities for growth, failing to restore weak consumer and investor confidence, and undermining long-term stability.The logo of the GCC consists of two concentric circles.A water connection project was launched and plans to be partly in use by 2020.A project to create common air transport was also unveiled.