Gulf Nations Forge New Military Alliance Followthemoney.com

One Step Closer to a Gulf Union

Gulf Nations to Create Joint Military Command

In recent years, the idea that Gulf countries should fully integrate with a European-style Union has been heavily promoted by the Saudis.

Riyadh has called for an enhanced union with fellow Gulf Cooperation Council states Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates, which together account for 40 percent of the world’s oil reserves and a quarter of its natural gas.

Saudi Arabia and its Gulf Arab neighbors wrapped up a summit meeting in Kuwait on Wednesday by agreeing to establish a joint military command, paving the way for tighter security coordination even as their regional rival Iran pursues outreach efforts in the wake of its interim nuclear deal.

The six-member Gulf Cooperation Council also agreed to lay the foundations for a joint Gulf police force and a strategic studies academy.

According to Saudi Assistant Foreign Minister Nizar Madani: “Gulf countries should no longer depend on others to ensure their safety,” and instead the oil-rich monarchies “must unite under one political entity in order to face internal and external challenges.” (Translation: The days of the GCC relying upon the U.S. to protect Gulf oil fields from regional threats are all but over.)

FTMDaily believes the Gulf Cooperation Council (GCC) could introduce a new single currency backed by gold, the Euro, the Yuan, or a basket of currencies, as early as next year. This will present a major challenge to the U.S. dollar and the fragmented petrodollar system.

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