77-734: (Redirected from Gulf States ) Gulf states may refer to: Member states of the Gulf Cooperation Council : Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates Arab states of the Persian Gulf Gulf Coast of the United States : Alabama, Florida, Louisiana, Mississippi and Texas See also [ edit ] Gulf (disambiguation) Topics referred to by
154-682: A Federation and attempting to invite other trucial rulers to join in order that a viable nation be formed in the wake of the British withdrawal. In 1971, after occasionally difficult negotiations with the other six rulers of the Trucial States , the United Arab Emirates was formed. Zayed was appointed to the presidency of the UAE in 1971 and was reappointed on four more occasions: 1976, 1981, 1986, and 1991. In 1974, Zayed settled
231-527: A canal, known as the Salwa Canal , in 2018. The plan was abandoned in 2019. On 4 January 2021, Kuwait National TV announced that Saudi Arabia would restore all diplomatic ties with Qatar, reopen air space to Qatari aircraft and reopen the Qatar–Saudi land border. Later that evening, it was announced that Bahrain, the United Arab Emirates and Egypt agreed to restore ties with Qatar. On 4 January 2021, it
308-667: A continuation of Qatar's foreign policy rivalry with Saudi Arabia and the UAE. In June 2017, Saudi Arabia, the United Arab Emirates, and Bahrain put a ban on Qataris and their businesses. Qataris were not allowed to enter or live in Saudi Arabia, the United Arab Emirates, or Bahrain, unless they had a spouse living there, in which case they were required to carry a visa in order to enter these countries. Qatar Airways aircraft were not allowed to fly over these countries. Saudi Arabia stated that they would turn its land border with Qatar into
385-601: A monetary prize of $ 500,000 from the Zayed Centre, and Carter stated in his acceptance speech that the award carried extra significance to him, since it was named after his personal friend. There was similar controversy when the London School of Economics accepted a large donation by the Zayed Centre, to build a new lecture theatre in the New Academic Building in 2008. The gift was accepted with
462-443: A nominal medium of exchange. Plans to introduce a single currency had been drawn up as far back as 2009, however due to the financial crisis of 2007–2008 and political differences, the UAE and Oman withdrew their membership. Companies and investors from GCC countries are active in mergers and acquisitions . Since 1999, more than 5,200 transactions with a known value of US$ 573 billion had been announced. Investors include
539-459: A number of sovereign wealth funds . The GCC launched common economic projects to promote and facilitate integration and to increase resilency. The GCC Interconnection Grid connects the power grids of member states. In 2009, it initiated operations and by 2013, all six members were connected. A water interconnection project has been discussed but, as of January 2023, there have been no notable developments. Unlike other leading aviation regions like
616-645: A promise which they kept. Sheikh Zayed was named after his grandfather, Sheikh Zayed bin Khalifa Al Nahyan ("Zayed the Great"), who ruled the emirate from 1855 to 1909. At the time of Sheikh Zayed's birth, the sheikhdom of Abu Dhabi was one of seven Trucial States along the lower coast of the Persian Gulf . He also showed interest in falconry . Zayed was born at Qasr al-Hosn , Abu Dhabi , in 1918 and moved from Abu Dhabi to Al Ain in 1926, after
693-515: A single currency. Kuwait's finance minister stated that a currency should be implemented without delay. Negotiations with the UAE and Oman to expand the monetary union were renewed. The GCC Patent Office was approved in 1992, and established soon after in Riyadh, Saudi Arabia. Applications are filed and prosecuted in the Arabic language before it and grants patents valid in all GCC member states, but
770-412: A timetable and action plan for establishing a central bank and chose a currency regime , met for the first time on 30 March 2010. Kuwaiti foreign minister Mohammad Sabah Al-Sabah said on 8 December 2009 that a single currency may take up to ten years to establish. Oman and the UAE later announced their withdrawal from the proposed currency. In 2014, major moves were taken to ensure the launch of
847-577: Is a separate office from the Saudi Arabian Patent Office. The first GCC patent was granted in 2002. As of 2013, it employed about 30 patent examiners . Amidst the Bahraini uprising , Saudi Arabia and the UAE sent ground troops to Bahrain in order to protect vital infrastructure such as the airport and highway system. Kuwait and Oman refrained from sending troops. Instead, Kuwait sent a navy unit. The secretary-general of
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#1732765466316924-498: Is an emerging hotspot for events, including the 2006 Asian Games in Doha , Qatar . Doha also submitted an unsuccessful application for the 2016 Summer Olympics . Qatar would later host the 2022 FIFA World Cup . Recovery plans have been criticized for crowding out the private sector, failing to set clear priorities for growth, failing to restore weak consumer and investor confidence, and undermining long-term stability. The logo of
1001-544: Is based upon our religion and that is what our people want. Should they seek alternatives, we are ready to listen to them. We have always said that our people should voice their demands openly. We are all in the same boat, and they are both the captain and the crew. Our doors are open for any opinion to be expressed, and this well known by all our citizens. It is our deep conviction that Allah has created people free, and has prescribed that each individual must enjoy freedom of choice . No one should act as if they own others. Those in
1078-535: Is composed of seven member states, each of which is an absolute monarchy with its own emir ). There have been discussions regarding the future membership of Jordan , Morocco , and Yemen . During the Arab Spring in 2012, Saudi Arabia proposed to transform the GCC into a "Gulf Union" with tighter economic, political and military coordination, a move considered to be intended to counterbalance Iranian influence in
1155-464: Is composed of the heads of state of the member states. It is the highest decision-making entity of the GCC, setting its vision and goals. Decisions on important issues require unanimous approval, while issues on procedural matters require a majority. Each member state has one vote. The presidency rotates based on the Arabic alphabetical order of the names of the member states. The Ministerial Council
1232-557: Is composed of the Foreign Ministers of all the member states. It convenes every three months. It formulates policies, and makes recommendations to promote cooperation and achieve coordination among the member states, when implementing ongoing projects. Decisions are submitted in the form of recommendations, which the Supreme Council can approve. The Ministerial Council is also responsible for preparations of meetings of
1309-472: Is currently in progress. The interoperability of professional qualifications, insurance certificates and identity documents is also underway. In 2014, Bahrain, Kuwait, Qatar, and Saudi Arabia took major steps to ensure the creation of a single currency. Kuwait's finance minister said the four members are pushing ahead with the monetary union but said some "technical points" need to be cleared. He added, "A common market and common central bank would also position
1386-784: Is different from Wikidata All article disambiguation pages All disambiguation pages Member states of the Gulf Cooperation Council The Cooperation Council for the Arab States of the Gulf ( Arabic : مجلس التعاون لدول الخلیج العربية ), also known as the Gulf Cooperation Council ( GCC ; Arabic: مجلس التعاون الخليجي ), is a regional , intergovernmental , political, and economic union comprising Bahrain , Kuwait , Oman , Qatar , Saudi Arabia , and
1463-742: The Eastern Region of Abu Dhabi in 1946, and was based in the Muwaiji fort in Al Ain. At this time, the area was poor and prone to outbreaks of disease. When parties from Petroleum Development (Trucial Coast) began exploring for oil in the area, Zayed assisted them. In 1952, a small Saudi Arabian force led by Turki bin Abdullah Al-Otaishan occupied the village of Hamasa in the Buraimi Oasis (the ' Buraimi Dispute '). Zayed
1540-553: The European Union , members have not agreed to an open skies policy. As such, GCC airlines do not have unlimited market access rights to member states and compete to capture international air traffic flows. The GCC has also launched major rail projects to connect the peninsula. The railways are expected to fuel intra-regional trade while helping reduce fuel consumption. Over US$ 200 billion will be invested to develop about 40,000 kilometres (25,000 mi) of rail network across
1617-598: The GCC nations. Zayed was one of the founders of the Dar Al Maal Al Islami Trust which was initiated by Saudi royal Mohammed bin Faisal Al Saud , King Faisal 's son, in 1981. After floods ravaged Yemen 's Ma'rib Governorate in 1982, Zayed financed the construction of the current dam of Ma'rib in 1984. This was to replace the historical one that was damaged in antiquity, and support
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#17327654663161694-740: The Gulf Cooperation Council Athletics Championships (first held in 1986; youth section from 2000) sailing, basketball, swimming, tennis, gymnastics (senior and youth levels), weightlifting, futsal, snooker, and table tennis. Qatar's support for the Muslim Brotherhood across the Middle ;East-North Africa ( MENA ) region, Hamas and radical Islamists in Libya, has led to increasing tensions with other Arab states of
1771-781: The Islamic calendar (corresponding to 25 May 1981 on the Gregorian calendar ). The signatory states on the founding document are the only current members of the GCC. An economic agreement between the countries of the Gulf Cooperation Council was signed on 11 November 1981 in Abu Dhabi, UAE. These countries are often referred to as "the GCC states". In 2001, the GCC Supreme Council set the following goals: Oman announced in December 2006 that it would not be able to meet
1848-597: The Muslim Brotherhood in Syria, whereas Qatar has historically supported it. They also pledged other support including operating training facilities for Syrian rebels, in Saudi Arabia, and allowing the use of their airbases by other countries fighting ISIL. Some GCC countries also send some troops to fight the opposition government in Yemen. The GCC Standardization Organization is the standardization organization of
1925-452: The Quran . What need have we of what others have conjured up? Its teachings are eternal and complete, while the systems conjured up by man are transitory and incomplete. Land was also often distributed gratis (free). However, while this policy benefited many landless families, enormously wealthy clans and individuals were given free land grants in proportion to their status and influence with
2002-945: The Sudan civil war . The EU director for HRW, Phillippe Dam said the union leaders should “publicly press” the UAE to stop arms supply to the RSF and push the militia to end the war. Since the creation of the council in 1981 its membership has not expanded, with all members being Arab monarchies. Some GCC countries have land borders with Iraq, Jordan or Yemen, and sea borders with Iran, Egypt , Sudan , Eritrea or Somalia . Zayed bin Sultan Al Nahyan Sheikh Zayed bin Sultan Al Nahyan ( Arabic : زايد بن سلطان آل نهيان , romanized : Zāyid bin Sulṭān Āl Nahyān ; 6 May 1918 – 2 November 2004)
2079-522: The United Arab Emirates issued directives that declared 2018 to be the Year of Zayed in honor of his father, Sheikh Zayed. The declaration came during Zayed's 51st anniversary of assuming the leadership of Abu Dhabi in 1966, who became the ruler by replacing Sheikh Shakbut and was aimed to commemorate centenary birth anniversary of Sheikh Zayed. In 2018, a year dedicated in the UAE to
2156-490: The United Arab Emirates . The council's main headquarters is located in Riyadh , the capital of Saudi Arabia. The Charter of the GCC was signed on 25 May 1981, formally establishing the institution. All current member states are monarchies , including three constitutional monarchies (Qatar, Kuwait, and Bahrain), two absolute monarchies (Saudi Arabia and Oman), and one federal monarchy (the United Arab Emirates, which
2233-622: The Waalid al-Ummah (" Father of the Nation "), credited for being the principal driving force behind uniting the seven Trucial States to found the Union of the United Arab Emirates. Zayed replaced his older brother Sheikh Shakhbut bin Sultan as the ruler of Abu Dhabi on 6 August 1966 after Shakhbut was deposed through a bloodless coup by members of the ruling family with British support. Zayed
2310-413: The "Umm al Zamul" dispute (1964), when he expressed a genuine wish that his brother Sheikh Shakhbut would accept "the Sultan's proposal for a neutral zone". He said in that regard: "... it was ridiculous to squabble over a [water] well so bitter that few bedouin could stomach its waters, or to split hairs over a tiny area of barren, almost totally unfrequented desert. And even if there happened to be oil in
2387-484: The 2010 target date for a common currency. Following the announcement that the central bank for the monetary union would be located in Riyadh, Saudi Arabia, rather than in the UAE , they announced their withdrawal from the monetary union project in May ;2009. The name Khaleeji has been proposed as a name for this currency. If realized, the GCC monetary union would be the second-largest supranational monetary union in
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2464-541: The British initiated the reoccupation of the Buraimi Oasis through a local military force, the Trucial Oman Levies . A period of stability followed during which Zayed helped to develop the region and took a particular interest in the restoration of the falaj system, a network of water channels which kept the plantations of the Buraimi Oasis irrigated and fertile. The discovery of oil in 1958, and
2541-618: The Emirates, which sit on a pool of a tenth of the world's proven oil reserves. In 1988, he purchased, for £5m, Tittenhurst Park at Sunninghill, Berkshire as his English home. At the time the British withdrew from the Persian Gulf in 1971, Zayed oversaw the establishment of the Abu Dhabi Fund for Arab Economic Development; some of its oil riches were channeled to some forty less fortunate Islamic nations in Asia and Africa during
2618-599: The GCC Council of Health Ministers, the GCC Education and Training Bureau, the GCC Council of Labour & and Social Affairs Ministers, and The Gulf Cup Football Tournament . The Council issued directives that all the necessary legal measures be taken, so that Yemen would have the same rights and obligations of GCC member states in those institutions. The union has served as a grouping for sports co-operation and competition. The GCC states have an annual meeting of
2695-626: The GCC as one entity that would have great influence on the international financial system". The implementation of a single currency and the creation of a central bank is overseen by the Monetary Council. There is currently a degree to which a nominal GCC single currency already exists. Businesses trade using a basket of GCC currencies, just as before the Euro was introduced, the European Currency Unit (ECU) had been used as
2772-477: The GCC consists of two concentric circles. On the upper part of the larger circle, the phrase Bismillah - "in the name of God" - is written in Arabic , and on the lower part of the circle is written the council's full name. The inner-circle contains an embossed hexagonal shape representing the six countries. The inside of the hexagon shows a map encompassing the Arabian Peninsula, on which the areas of
2849-514: The GCC strongly endorsed the use of international force in Libya . GCC member states joined coalition efforts to enforce the no-fly zone. In September 2014, GCC members Saudi Arabia, Bahrain, UAE and Qatar, and pending member Jordan commenced air operations against the Islamic State of Iraq and the Levant (ISIL) in Syria. Saudi Arabia and the UAE, however, are among the states that oppose
2926-424: The GCC, according to Oman's Minister of Transport and Communications. According to Ramiz Al Assar, Resident World Bank advisor for the GCC, it will link the six member states as a regional transport corridor, further integrating with the national railway projects, deepening economic social and political integration, and it is developed from a sustainable perspective. The project, estimated to be worth $ 15.5 billion,
3003-623: The GCC. Yemen is also a member of the GCC Standardization Organization. The Gulf Organization for Industrial Consulting (GOIC) was founded in 1976 by the six GCC member states; Yemen joined the organization in 2009. It is headquartered at Doha, Qatar. The organization chart of GOIC includes the board members and the General Secretariat. The Board is formed by member state representatives appointed by their governments. There are six member states of
3080-530: The Persian Gulf . These tensions came to a head during a March 2014 meeting of the GCC, after which the UAE, Saudi Arabia and Bahrain recalled their ambassadors to Qatar. Some financial economists have interpreted the 2014 Saudi–Qatari rift as a tangible political sign of a growing economic rivalry between oil and natural gas producers, which could "have deep and long-lasting consequences" beyond MENA. On 5 June 2017, Bahrain, Saudi Arabia,
3157-707: The Sheikh Zayed Theatre being the second largest lecture hall on the campus. Harvard's equivocation, the Carter controversy, and the engendering negative publicity, prompted Sheikh Zayed to shut down the centre in August 2003, stating that the Zayed Centre "had engaged in a discourse that starkly contradicted the principles of interfaith tolerance." On 2 November 2004, Zayed died at the age of 86. He had been suffering from diabetes and kidney problems. He
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3234-589: The Supreme Council and its agenda. The voting procedure in the Ministerial Council is the same as in the Supreme Council. The Secretariat is the executive arm of the Gulf Cooperation Council. It takes decisions within its authority, and implements decisions approved by the Supreme or Ministerial Council. The Secretariat also compiles studies relating to cooperation, coordination, and planning for common actions, and occasionally releases reports regarding
3311-409: The UAE, and Egypt had officially cut diplomatic ties with Qatar. Saudi Arabia said it took the decision to cut diplomatic ties due to Qatar's "embrace of various terrorist and sectarian groups aimed at destabilising the region", including the Muslim Brotherhood, al-Qaeda , ISIL and Iran-supported groups in Saudi Arabia's eastern province of Qatif . Political researcher Islam Hassan viewed this rift as
3388-461: The UAE, played a crucial role in fostering the idea of closer cooperation among Gulf states, laying the groundwork for the formation of the Gulf Cooperation Council. Their shared vision for regional unity, security, and economic integration led to the official establishment of the GCC in 1981, strengthening the collective power and influence of the Gulf countries. The charter was signed in Arabic in Abu Dhabi, United Arab Emirates, on 21 Rajab 1401 on
3465-666: The UK's Foreign Office Minister Goronwy Roberts visited the Trucial States and announced to its shocked rulers that the United Kingdom would abrogate its treaties with them and intended to withdraw from the area. In a seminal meeting on 18 February 1968 at a desert highland on the border between Dubai and Abu Dhabi, Sheikh Zayed and Sheikh Rashid bin Saeed Al Maktoum of Dubai shook hands on the principle of founding
3542-519: The Youth and Sports Ministers of each state to boost youth and sports initiatives in the region. The promotion of the hosting of international sports events has also served an economic purpose for the union's countries, leading to investment and development in the region. The GCC Games, a quadrennial multi-sport event , was established by the union and first held in 2011 . There are numerous long-running GCC Championships for individual sports, including:
3619-540: The area, Abu Dhabi had so much already that she could well afford to spare some for her less fortunate neighbours". Furthermore, during the negotiations between Abu Dhabi and Dubai that resulted in forming the Abu Dhabi — Dubai Union (which preceded the formation of the United Arab Emirates), Sheikh Zayed was extremely generous with the Sheikh Rashid of Dubai. Kemal Hamza, Sheikh Rashid's envoy to
3696-463: The banking industry of the Gulf Cooperation Council (GCC), diversity is increasingly recognized as a strategic asset that goes beyond mere corporate social responsibility. This shift towards embracing a diverse workforce is driven by the recognition that varied perspectives and experiences spur innovation, improve decision-making, and expand market reach in the fast-paced world of finance, increasing market share and profitability. The GCC Supreme Council
3773-657: The country's agriculture and economy. The area of Ma'rib is reportedly from where his ancestors migrated to what is now the UAE. Controversy over the opinions of the Zayed Centre caused the Harvard Divinity School to return Sheikh Zayed's $ 2.5 million gift to the institution in 2000 as "tainted money." Former United States president Jimmy Carter accepted the Zayed International Prize for the Environment in 2001. The award included
3850-467: The death of his father. As Zayed was growing up in Al-Ain, there were no modern schools anywhere along the coast. He only received a basic instruction in the principles of Islam, and lived in the desert with Bedouin tribesmen, familiarising himself with the life of the people , their traditional skills and their ability to survive under the harsh climatic conditions. Zayed was appointed the governor of
3927-515: The decades that followed. In 1970 Zayed donated £50,000 to British politician Christopher Mayhew to establish an Arab Frienship Foundation. He also donated £40,000 to Margaret McKay , then president of the Anglo-Jordanian Alilance, to purchase a house to be used as a cultural and recreational centre for Arab students. Using the country's enormous oil revenues, Zayed built institutions such as hospitals, schools and universities and made it possible for UAE citizens to enjoy free access to them. He
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#17327654663164004-418: The first GCC and the European Union summit was held in Brussels, Belgium. It was co-chaired by Charles Michel and the rotating GCC President Sheikh Tamim bin Hamad Al Thani , under the theme “Strategic Partnership for Peace and Prosperity”. The Human Rights Watch requested the EU to take advantage of the first summit with Gulf leaders, and challenge the involvement of the UAE and other neighbouring states in
4081-506: The future course of events proved, none of these arguments stood the test of judgment in light of the much higher goal that Sheikh Zayed had in mind, and which in the ultimate analysis amply justified the sacrifices incurred by him. Such concessions are rare in the records of history and news of this generosity travelled far and wide. He was considered a relatively liberal ruler , and permitted private media. However, they were expected to practice self-censorship and avoid criticism of Zayed or
4158-550: The late 1960s, Zayed hired Katsuhiko Takahashi, a Japanese architect, to design and plan the city of Abu Dhabi. Takahashi, working to instructions from Zayed, often marked out in sand with a camel stick, was responsible for a number of key buildings, while also introducing wide roads, the construction of corniches and also greening the city. Another architect, Egyptian Abdulrahman Makhlouf, also worked to render Zayed's instructions into city plans and infrastructural projects following Takahashi's departure. Between 8–11 January 1968,
4235-424: The lead in calling for the lifting of economic sanctions on Iraq imposed by the United Nations in the aftermath of the Iraqi invasion of Kuwait in 1990, despite Kuwaiti displeasure and opposition. Zayed was one of the wealthiest men in the world. A Forbes estimate put his fortune at around US$ 20 billion in 2004. The source of this wealth was almost exclusively due to the immense oil wealth of Abu Dhabi and
4312-471: The meeting between Sheikh Zayed and Sheikh Rashid in Sumeih remarked that "Zayed was extremely 'karim' (generous) throughout the negotiations and seemed prepared to give Rashid whatever he wanted". This amounted to Zayed giving Rashid "oil rights in the sea-bed that might be worth milions a year" even at the risk of criticism "at home for giving so much..." It also gave rise to comments that such concessions constituted "an alienation of territory by Abu Dhabi". But
4389-414: The member countries are colored in brown, borderless. A common market was launched on 1 January 2008, easing movement of goods and services, with plans to create a fully integrated single market . Implementation later lagged behind, after the 2009 financial crisis. The creation of a customs union began in 2003, and was completed and fully operational by 1 January 2015. In January 2015, the common market
4466-444: The outstanding border dispute with Saudi Arabia by the Treaty of Jeddah by which Saudi Arabia received the output of the Shaybah oilfield and access to the lower Persian Gulf in return for recognising the UAE. In 1976 he founded the Abu Dhabi Investment Authority , which grew to be the world's third-largest sovereign investment fund by 2020, with nearly a trillion US dollars ' worth of assets under management. Sheikh Zayed
4543-423: The position of leadership should deal with their subjects with compassion and understanding, because this is the duty enjoined upon them by Allah, who enjoins upon us to treat all living creatures with dignity. How can there be anything less for mankind, created as Allah's successors on earth? Our system of government does not derive its authority from man, but is enshrined in our religion and is based on Allah's Book,
4620-402: The region, however objections were raised by other countries. In 2014, Bahraini prime minister Khalifa bin Salman Al Khalifa said that current events in the region highlighted the importance of the proposal. The Peninsula Shield Force is the military arm of the GCC, formed in 1984. Sheikh Jaber Al-Ahmad Al-Sabah of Kuwait, alongside the support of Sheikh Zayed bin Sultan Al Nahyan of
4697-420: The royal family. His majlis (a traditional Arab consultation council) was open to the public. He allowed non-Muslim religious buildings, such as churches and a temple, to be built. Zayed was also in favour of certain rights for women, such as access to education and women's labour rights, within traditional parameters. His views regarding women's rights were considerably more liberal than his counterparts in
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#17327654663164774-419: The ruling families. Freedom of worship was permitted, and to a certain extent allowances were made for expatriate cultures, but this did not always sit comfortably in the eyes of the wider Arab world with Zayed's role as a Muslim head of state. Zayed did not shy away from controversy when it came to expressing his opinions on current events in the Arab world. Troubled by the suffering of Iraqi civilians, he took
4851-458: The same term [REDACTED] This disambiguation page lists articles associated with the title Gulf states . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Gulf_states&oldid=1174614764 " Categories : Disambiguation pages Place name disambiguation pages Hidden categories: Short description
4928-437: The start of oil exports in 1962, led to frustration among members of the ruling family about the lack of progress under Sheikh Shakhbut's rule. Shakhbut was seen as averse to spending revenue from oil money to develop the emirate by other members of Al Nahyan and hence they requested British help to install Sheikh Zayed bin Sultan Al Nahyan as the ruler of Abu Dhabi in his stead through a bloodless coup. On 6 August 1966, Shakhbut
5005-413: The union: The associate membership of Iraq in certain GCC-related institutions was cancelled after the invasion of Kuwait . Yemen was in negotiations for GCC membership in 2007, and hoped to join by 2016. Yemen is already a member of the GCC Standardization Authority, the Gulf Organization for Industrial Consulting (GOIC), the GCC Auditing and Accounting Authority, the Gulf Radio and TV Authority,
5082-410: The work done by the GCC as a whole, and the implementation of its own decisions. The current Secretary-General is Nayef Falah Mubarak Al Hajraf, and his deputies include Abdulaziz Al Auwaishig and Khalifa Alfadhel. On 15 December 2009, Bahrain, Kuwait, Qatar, and Saudi Arabia announced the creation of a Monetary Council, to introduce a single currency for the union. The board of the council, which set
5159-613: The world, measured by the GDP of the common-currency area. Other stated objectives include: The area has some of the fastest-growing economies in the world, mostly due to a boom in oil and natural gas revenues coupled with a building and investment boom backed by decades of saved petroleum revenues. In an effort to build a tax base and economic foundation before the reserves run out, the UAE's investment arms, including Abu Dhabi Investment Authority, retain over US$ 900 billion in assets. Other regional funds have several hundreds of billions of dollars of assets under management. The region
5236-464: Was also further integrated, covering full equality among GCC citizens to work in government and private sectors, the ability to access social insurance and retirement coverage, real estate ownership rights, capital movement, and access to education, health and other social services, in all member states. However, some barriers remained in the free movement of goods and services. The coordination of taxation systems, accounting standards and civil legislation
5313-462: Was also known for making donations to the tune of millions [pounds sterling] for worthy causes around the Arab World as well as in the neighbouring countries and in the world at large. When asked by The New York Times in April 1997 why there is no elected legislature , Zayed replied, Why should we abandon a system that satisfies our people in order to introduce a system that seems to engender dissent and confrontation? Our system of government
5390-425: Was an Emirati royal, politician, philanthropist and the founder of the United Arab Emirates . Zayed served as the governor of Eastern Region from 1946 until he succeeded Sheikh Shakhbut as the ruler of Abu Dhabi in 1966, and then as the first president of the United Arab Emirates while he retained his position as Abu Dhabi's ruler from 1971 until his death in 2004. He is revered in the United Arab Emirates as
5467-477: Was buried in the courtyard of the new Grand Mosque in Abu Dhabi. His eldest son, Sheikh Khalifa bin Zayed Al Nahyan , took an increasing role in government beginning in the 1980s. Directly after his father's death, he became the Ruler of Abu Dhabi, and was ratified as the president of the United Arab Emirates by his fellow rulers in the Supreme Council. On 6 August 2017, the Emirates News Agency reported that Sheikh Khalifa bin Zayed al-Nahyan , President of
5544-736: Was deposed in a bloodless palace coup. The move to replace Shakhbut with Zayed had the unanimous backing of the Al Nahyan family. The news was conveyed to Shakhbut by British Acting Resident Glen Balfour-Paul who added the support of the British to the consensus of the family. Shakhbut finally accepted the decision and, with the Trucial Oman Scouts providing safe transport, left for Bahrain . He subsequently lived in Khorramshahr , Iran before returning to live in Buraimi . In
5621-545: Was determined to unite the Emirates into federation . His calls for cooperation extended across the Persian Gulf to Iran . He advocated dialogue as the means to settle the row with Tehran over three strategic Persian Gulf islands which Iran seized from the (future) UAE Emirate of Sharjah in 1971. The islands remain in Iranian hands, despite over three decades of UAE diplomatic initiatives. The attitude of Zayed towards his neighbors can best be seen in his position regarding
5698-522: Was made official at the Al-Ula summit , where the blockading countries, along with Qatar, signed an official agreement and ended the rift after three years and seven months. In January 2022, the GCC and Pakistan finalised the Joint Action Plan for Strategic Dialogue (2022-26). In September 2023, the GCC and Pakistan signed a preliminary deal on a free trade agreement. On 16 October 2024,
5775-572: Was prominent in his opposition to Saudi territorial claims and reportedly rejected a bribe of about £30 million to allow Aramco to explore for oil in the disputed territory. As part of this dispute, Zayed and his brother Hazza attended the Buraimi arbitration tribunal in Geneva in September 1955 and gave evidence to tribunal members. When the tribunal was abandoned amid allegations of Saudi bribery,
5852-434: Was scheduled to be completed by 2021. As of May 2022, railway construction UAE and Saudi Arabia have progressed significantly, but other members' efforts have lagged. Saudi Arabian Railways , Etihad Rail , and their respective national governments have invested 15 billion dollars as of early 2015 into railway infrastructure to create rail networks for transporting freight, connecting cities, and reducing transport times. In
5929-512: Was the youngest of four sons of Sheikh Sultan bin Khalifa Al Nahyan. His father was the ruler of Abu Dhabi from 1922 until his death in 1926. Zayed was the youngest of his four brothers. His eldest brother, Sheikh Shakhbut bin Sultan Al Nahyan , became ruler of Abu Dhabi after their uncle, Saqr bin Zayed Al Nahyan . His mother was Sheikha Salama bint Butti. She extracted a promise from her sons not to use violence against each other,
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