Chatham House has published a report on the Gulf Cooperation Council or “GCC”, as it is commonly known, and concluded that the economic bloc is fast emerging as a significant financial services centre. 

The GCC is made up of six oil producing countries including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The GCC is strategically located and has served as a hub for East-West trade for centuries but it was the discovery of oil that has enabled the GCC to modernize and develop at breakneck speed.