Gulf Cooperation Council (GCC)

The Gulf Cooperation Council (GCC), established in May 1981, is a political and economic union of six Gulf Arab monarchies: Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, and Oman. It was formed primarily as a security alliance against the perceived threat from Iran following the 1979 Iranian Revolution and the Iran-Iraq War. The GCC maintains a common market with free movement of goods and citizens, a unified customs union, and coordinates monetary policy. The GCC collectively holds the world's largest oil and gas reserves.