GCC CENTRAL BANK PROCEDURES IN FINAL PHASES

.....GCC Central Bank in Saudi Arabia

12/18/2011

GCC Central Bank procedures in final phases

Kuwaiti Finance Minister Mustafa Al-Shemali reiterated here on Sunday that the establishment of the GCC Central bank is in its final phases, pointing out that the concerned states which joined the GCC union are implementing this agreement.

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Al-Shemali told reporters following a meeting of the GCC finance ministers that the GCC Customs union procedures are proceeding well and that a timetable has been set as of next year till 2015 to activate the union's agreement.

Concerning the railroad network, Al-Shemali said that the railroad network will be a reality and "you will see the train taking off from Kuwait to Salalah" according to what has been agreed upon.

The finance ministers submitted, during a joint meeting with the GCC foreign ministers, their recommendations to be referred to the GCC summit tomorrow.

On the other hand, Yemeni foreign minister Abu Bakr Al-Qorbi joined the meeting of the GCC foreign ministers currently convening here.
Diplomatic sources said that Al-Qorbi was carrying a letter to the council without revealing the nature of the letter.

They expected that Al-Qorbi would extend his country's thanks to the role of the GCC in ending the Yemeni crises.

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December 19th GCC Summit ...

December 1, 2011

GCC summit slated in Riyadh on Dec. 19

RIYADH: Major political developments in the Arab world, including strained relations between the six-nation Gulf Cooperation Council (GCC) and Iran, will top the agenda of the GCC summit to be held in Riyadh on Dec. 19.

The two-day summit, the first since the region-wide protests unseated three veteran Arab leaders in Tunisia, Egypt and Libya, will also look at possible ways to solve crises in a number of neighboring states in the region.

“The agenda of the GCC summit includes a whole range of new regional developments,” said Saad A. Alammar, assistant secretary-general for political affairs, on Wednesday.

Alammar pointed out that a meeting of GCC foreign ministers took place last week to review preparations for the summit. “This meeting will be the 32nd GCC Supreme Council Summit,” said Alammar, adding that the role of the council in ensuring security in the region will be one of the important topics on the agenda.

A number of important issues in the fields of politics, military cooperation, security affairs, economics, media and the environment will also be discussed by the Gulf heads of state, he added.

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The Council of Ministers chaired by Custodian of the Two Holy Mosques King Abdullah on Monday emphasized the GCC's leading role in preserving the security and stability of the region over the past three decades, while calling for “greater GCC coordination to counter “dangerous developments.”

Another GCC official said the Gulf leaders might also spell out an action plan to deter Tehran and stop its alleged interference in the affairs of GCC states.

Questions surrounding Iran's nuclear program have been a potential cause of concern, said the official. The meeting has also added significance given the fact that Yemen was still caught in crossfire despite Yemeni President Ali Abdullah Saleh signing a GCC-brokered deal to step down.

He said GCC Secretary-General Abdullatif Al-Zayani was currently on a regional tour to brief Gulf states and their leaders about preparations for the summit.

On Monday, Al-Zayani was received by UAE President Sheikh Khalifa bin Zayed Al-Nahyan. Al-Zayani briefed the president on the efforts taken by member states for enhancing joint GCC work as well as a number of other topics of common concern.

A plan to build a joint defense system and a proposal to work out full integration of the six Gulf states’ armed forces as a prelude to the implementation of a comprehensive plan to defend the Gulf countries' integrity and sovereignty will be discussed by the leaders.

The summit meeting may also discuss the deployment of Peninsula Shield forces in Bahrain, while reaffirming support and solidarity for Manama on all fronts.

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