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The Gulf Cooperation Council (GCC) was formed in 1981 to enhance the economies and security of its six members: Bahrain; Kuwait; Oman; Qatar; Saudi Arabia and the United Arab Emirates.

The population of the GCC is 38 million and the region holds around half of the world’s known oil reserves and its citizens have accumulated an estimated $1.5 trillion in private wealth. Following the accession of Saudi Arabia to the World Trade Organisation in 2005, all GCC states are now WTO members. The economies across the region are diversifying as they seek to reduce the dependence on fluctuating and finite energy reserves and forge a more sustainable economic future.

The banking industry in the GCC is still small in relation to the size and growth of the economies it serves and there is considerable room for further growth. The asset management industry in the GCC remains relatively small and has room for significant further development and insurance penetration is extremely low in the GCC by international standards. Key drivers are likely to include rising wealth, an increasing population of more than a million (3%) per year and the growing preference for services provided locally within the region.

More information on Bahrain can be found in this website and for the other five GCC, at their Central Bank websites:

Kuwait > 

Oman > 

Qatar > 

Saudi Arabia >

UAE >