Energy rich Gulf states plan to launch a massive Marshall-style plan to assist Bahrain and Oman which have been hit by unrest, Kuwait's Al-Qabas newspaper reported.Citing unnamed senior sources, the daily said the six-nation Gulf Cooperation Council states were holding discussions that may culminate in a summit to launch the aid package. Besides Oman and Bahrain, the GCC groups Kuwait, Qatar, Saudi Arabia and United Arab Emirates, which together are estimated to have $1.35 trillion in surplus assets amassed in the past few years from oil revenues.The aid programme was aimed at boosting economic and social conditions, and living standards in Bahrain and Oman, as well as provide housing to the needy, create jobs and upgrade public services, Al-Qabas said.
A few words of context: first, while Al-Qabas is, like much of the Kuwaiti media, known for its colorful reporting of unsourced gossip and scandal, it is also often used by government and business elites to "telegraph" news prior to formal announcement, and has a fairly decent track record.
Second, remember the GCC is famously ineffective and has a long track record of being unable to follow through on lofty declarations. Despite proclaiming a regional customs union more than seven years ago, moving goods across borders in the Gulf remains a nightmare; attempts to create a common Gulf currency have been equally troubled.
But one thing GCC leaders all understand and agree on is the supreme importance of keeping populations from asking tough questions about the legitimacy of their absolute monarchies, with vast public spending programs being the tool of choice to keep those questions at bay. The GCC may finally have found its calling.
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