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The Cooperation Council for the Arab States of the Gulf [2] (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 the United Arab Emirates.
Since Islamic economic jurisprudence prohibits interest, or 'riba,' there was speculation that the future GCC currency would be backed by gold. [2]However, senior figures in the GCC administration have stated that the currency may be linked to the US Dollar or would tie-up with a basket of currencies [3] in which the US Dollar would have a lion's share.
GCC Exchange is a global money transfer and foreign exchange company [1] [2] [3] that has an extensive presence in Europe, Africa, Oceania and Asia.
Present currency ISO 4217 code Country or dependency (administrating country) Currency symbol Algerian dinar: DZD Algeria دج (Arabic) or DA (Latin) Bahraini dinar [1]: BHD ...
The GDP is expected to grow at an average rate of 2.8% between 2018 and 2020, with the budget surplus falling to 4.35 billion riyals in 2019, from a surplus of 15.1 billion riyals in 2018. [ 29 ] Qatar's GDP is anticipated to scale up to $208 billion in 2024 from $162 billion in 2022, according to a report by FocusEconomics. [ 30 ]
This is a list of countries by credit rating, showing long-term foreign currency credit ratings for sovereign bonds as reported by the largest three major credit rating agencies: Standard & Poor's, Fitch, and Moody's.
It became apparent that price subsidies were preventing governing bodies from implementing needed social programs. [101] Price subsidy reform became more tangible following the 2008–2009 global financial crisis, under which the prices of commodities rose, invariably raising the subsidies on these commodities.
As of 2024, Saudi Arabia's GDP per capita has surpassed all other GCC countries except Qatar and the United Arab Emirates. Saudi Arabia's GDP per capita is estimated to be approximately $33,040 in nominal terms, ranking it 35th globally, and $70,333 in purchasing power parity (PPP) terms, ranking it as the 15th highest in the world [[15]]