GCC mulls regional investment bank

Oil-rich Persian Gulf states are considering a plan to set up a regional investment bank as part of a move to establish a common market for the six nations, state-run Kuwait News Agency (KUNA) reported on Wednesday, citing the secretary general of the Gulf Cooperation Council (GCC).

The plan was discussed during a Tuesday meeting in Jeddah between Gulf finance ministers in a move to revitalise efforts to establish a tighter economic bloc, KUNA quotes Abdulaziz al-Attiyah as saying.

Attiyah also said that a GCC interconnection grid - which links Kuwait, Bahrain, Qatar and Saudi Arabia - will be officially launched in December before the region's rulers meet in Kuwait, KUNA said.