Title: Profile: What is the GCC? | Middle East Eye
Headings: Profile: What is the GCC?
Profile: What is the GCC?
The Gulf Cooperation Council is a political and economic alliance of six Gulf states
When and why was it founded?
Demographics
Where are we now?
Security and Intervention
External Influence and expansion
Economics

Content: For now, a full on union is on the backburner, although ample GCC money continues to flow to support infrastructure projects and security spending in these states. Yemen has also long lobbied to join the GCC, but the only time the grouping seemed to seriously consider allowing in its poorer, parliamentary neighbour was in 2011 when it tried to broker a peace deal and power transition in the country. Economics
The GCC’s vast energy reserves and subsequent wealth have always been a key bargaining chip with the outside world, and the grouping regularly uses these to co-opt varying internal pressure groups. Over the last decade, however, a rapid depletion of oil and gas reserves and big rises in populations for many GCC countries has seen the latter attempt to diversify away from energy into sectors such as tourism, construction and finance. These efforts have only been partially successful and certain GCC members were hit hard by the 2008 financial crisis. There have been various attempts to further align the GCC economies, with a customs union being implemented in 2003 and a common market coming into force in 2008 aimed at encouraging cross-boundary investment. In 2009 Saudi Arabia, Kuwait and Qatar went a step further and announced the formation of a Monetary Council, designed to be a precursor for a common GCC currency although little progress has since been made. Despite the heel dragging, GCC countries do tend to stick together on economic matters and the wealthier states have proven very willing to bail out their poorer GCC neighbours. Saudi and UAE cash is for now propping up Bahrain and to a lesser extent Oman, while internally Abu Dhabi is the wealthiest emirate and has provided a series of cash injections to its poorer peers like Dubai.