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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Iraq Eyes Joint Defense Deal with Gulf Nations

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Iraq is seeking a joint defence agreement for air space with Gulf nations

December 4, 2011

Iraq official eyes joint defence deal with Gulf

Iraq is seeking a joint defence agreement for airspace with Gulf countries as it moves to secure its air borders after the departure of US forces from the country this month, a senior official said on Sunday.

Naseer al-Ani, Iraqi President Jalal Talabani's chief of staff, told a conference in the Saudi capital Riyadh that Iraq lacked the resources to secure its own air space.

"In terms of the Iraqi air space sector, I cannot say that we are capable of securing Iraqi air space as the Iraqi...capabilities are limited," Ani said.

He added that Iraq hoped the days when air space might be breached by a hostile power were over, but said:

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"We also rely on the proposal to sign a joint agreement with Gulf countries and that is what we hope for and what we are seeking, that there is a joint defence agreement for air space, not only Iraqi air space but for the region as a whole."

It was not clear at what level Iraq had raised the suggestion with other Gulf states, nor how far any discussions had moved or what a joint defence agreement might entail.

Iraq and neighbouring Saudi Arabia, a regional heavyweight and key US ally, have had difficult relations since a US-led invasion ousted the former Iraqi president Saddam Hussein in 2003.

US diplomatic cables released by WikiLeaks detailed Saudi fears that the Shi'ite-led government of Iraqi Prime Minister Nuri al-Maliki was under the influence of Riyadh's regional rival Iran.

Saudi Arabia feared the emergence of Maliki as a dominant figure in Iraq augured a shift in the regional power balance that would be played out along sectarian lines between Sunni and Shi'ite Muslim communities across the Middle East.

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