Page 47 - Aamir Rehman - Dubai & Co Global Strategies for Doing Business in the Gulf States-McGraw-Hill (2007)

Lines in the Sand: The GCC in the Broader Middle East 31

TABLE 1.2
GCC States

Similarities Differences
Small indigenous populations While Saudi Arabia, the UAE,
Wealthy relative to Levant and Qatar, and Kuwait have large
North Africa reserves of oil and gas, Bahrain and
High population growth Oman have a very limited supply.
Major religion is Islam Bahrain and Oman are markedly
Arabic is the unifying language less wealthy than the other four
Ruled by hereditary monarchies members.
All are WTO members Bahrain, Oman, and Saudi Arabia
GCC Customs Union have double-digit unemployment,
All are US allies while the UAE, Qatar, and Kuwait
Peninsula Shield (regional are in the 2 to 4% range.
defense force) The UAE, Qatar, and Kuwait are
more than two-thirds expatriate,
while the other nations are in the
20 to 35% range.
Bahrain and Oman are the only
two GCC states with free trade
agreements with the United States.
Kuwait is the only GCC currency
not pegged to the US dollar.

In subsequent chapters, we will discuss each country in more
detail, but suffice it to say at this point that the GCC states are by no
means a monolith.

THE GULF COOPERATION COUNCIL:
MEANINGFUL BUT INCOMPLETE UNION
The Gulf Cooperation Council (GCC) is officially named the
Cooperation Council for Arab States of the Gulf. Its charter, signed
in 1981 and 1982, 14 brought the six member states together on a
common regional platform. Of interesting historical note is that a
joint security pact among a group of Gulf states—including the
present-day GCC members, plus Iran and Iraq—was explored in
1976 but could not be agreed upon as Iran and Iraq were not trusted