In order to spur investment and trade among the Gulf Cooperation Council (GCC) Countries, the heads of state of Gulf oil producers have decided to end restrictions on local company operations. This is part of the development of a common market.
The leaders of the six-nation GCC countries agreed upon plans to allow national companies to open branches in any member state. This decision, which was reached at their summit in Abu Dhabi, will also increase momentum towards a Gulf Common Market. The six countries included in the GCC are Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates, and the Sultanate of Oman. Foreign direct investment among these countries is already up to $74 billion.