Risk management report: GCC
Risk Management
Issue 974
- 22 Jul 2014
| 1 minute read
The Co-operation Council for the Arab States of the Gulf (GCC) was
officially set up on 25 May 1981 in Abu Dhabi, when the leaders of Bahrain,
Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates agreed to
establish a council whose aims were to ‘achieve unity’, formulate ‘similar
regulations’ in fields including economics, customs, commerce,
communications, education and culture, and to stimulate scientific and
technological progress. In part founded as a reaction to the Islamic revolution
in Iran and the Iran-Iraq war, divisions and power imbalances within the
council have led to the GCC being largely unproductive over the first three
decades of its existence, despite high hopes and rhetoric. The GCC secretariat,
which has its headquarters in Riyadh, comprises a supreme council, a
ministerial council and a secretariat general. Its presidency is rotatory, based on
the alphabetical order of member states. Each state has one vote on the
supreme council, and ‘substantive matters’ require unanimous approval.
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