GCC states will reap substantial benefits as a result of realizing monetary merger such as promoting inter-Gulf trade and limiting risks, said an eminent Kuwaiti academician on Wednesday. In an address at a session entitled "Conference on Political and Economic Transformations and their Impacts in the Gulf and Arabian Peninsula," Dr. Mohammad Al-Saqqa, professor of economics at Kuwait University, said joining the monetary union would result in greater benefits for the members of the Cooperation Council of the Arab States for the Gulf (GCC), namely cutting costs of transactions, limiting risks that exist dealing with diverse currencies, increasing inter-Gulf trade and encouraging investments among these countries. Common features of the GCC states, namely language, religion, geographical location, history and culture should be helpful for speeding up the establishment of the joint GCC federation ahead of issuing the single GCC currency, Dr. Saqqa added. The GCC is comprised of Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman.
