GCC countries

GCC stands for  Gulf Cooperation Council . This is a political and economical union which consist of following countries;
1. United Arab Emirates
2. Saudi Arabia
3. BAHRAIN
4. Kuwait
5. OMAN
6. QATAR

This was formed in Abu Dhabi on 25 May 1981. Among the stated objectives were;

1. Formulate similar rules in religion, finance, trade, tourism and etc.
2. Research and Development on future expandable areas.
3. Setting up joint ventures.
4. Unified military presence. (Peninsula Shield Force)
5. Establishing a common currency in 2010 , how ever its been postponed.The name Khaleeji has been proposed as a name for this currency. If realized, the GCC monetary union would be the second largest supranational monetary union in the world, measured by GDP of the common-currency area.