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GCC- Marking 40 years of its great achievements

MEDIA / Articles / 2021 / GCC- Marking 40 years of its great achievements
GCC was first established by an agreement in Riyadh, Saudi Arabia on 25th May 1981 for the sole purpose to maintain unity among its member nations due to the similarities in their political and cultural nature which are deeply rooted in Islamic and Arabic culture.  Among the member countries are Oman, Bahrain, Kuwait, Qatar, Saudi Arabia and UAE.

GCC consists of some of the fastest growing economies in the world, especially UAE which has created successive milestones in the last 40 years and has been the major attraction of the world economy. With the creation of less dependency in Oil and Natural Gas, member nations like UAE is rising up the ladder of global and economical success.

A joint digital currency initiative between Saudi central bank (SAMA) and Central Bank of the UAE (CBUAE) was another significant monetary initiative led by these two GCC member countries and what is meant to be used between the two countries for the financial settlements using distributed ledger technology and block chain systems.

Implementation of VAT is the fiscal policy which was rolled out by Saudi Arabia and UAE first and then followed by Bahrain & Oman. In terms of economic support, GCC States have always come together and provided their economic support in times of need.

UAE’s Emirates Road Programme and Oman’s Al-Batinah Expressway Routes are the domestic road projects which have greatly improved road transit speeds across GCC region.

The healthcare sector witnessed major transformation throughout the COVID-19 pandemic in the GCC region. UAE is now the first Arab country to manufacture COVID-19 vaccine named ‘Hayat –Vax’ on an annual basis and the production capacitates 2 million doses per month.

Decreasing reliance in oil and gas propelled most of GCC nations to pursue economic diversification, invest and develop promising healthcare and pharmaceutical sectors. Member states like UAE is already a frontrunner in introducing attractive alternative residency plan including Golden and Silver visas, addition of artificial intelligence and block chain technology throughout significant business and trading operations and reaching the red planet Mars as the “Hope Probe” was launched.
 
The GCC region has clearly showcased its ability to deliver on areas of economic interest and may it continue to grow in full zeal and strength in the next 40 years and so on.
 

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