, a planned railway system to connect all six GCC member states, can be seen in yellow.
Mergers and acquisitions Companies and investors from GCC countries are active in
mergers and acquisitions. Since 1999, more than 5,200 transactions with a known value of 573 billion had been announced. Investors include a number of
sovereign wealth funds.
Internal market A
common market was launched on 1 January 2008, easing the movement of goods and services, with plans to create a fully integrated
single market. Implementation later lagged behind, after the
2008 financial crisis. The creation of a customs union began in 2003 and was completed and fully operational by 1 January 2015. In January 2015, the common market was also further integrated, covering full equality among GCC citizens to work in government and private sectors, the ability to access social insurance and retirement coverage, real estate ownership rights, capital movement, and access to education, health and other social services, in all member states. However, some barriers remained in the free movement of goods and services. The coordination of taxation systems, accounting standards, and civil legislation is currently in progress. The interoperability of professional qualifications, insurance certificates, and identity documents is also underway.
Monetary union In 2014, Bahrain, Kuwait, Qatar, and Saudi Arabia took further steps to create a single, common currency. Plans to introduce a single currency had been drawn up as far back as 2009; however, due to the
2008 financial crisis and political differences, the UAE and Oman withdrew their participation. In 2014, Kuwait's finance minister said the four remaining members would push ahead with monetary union, but said some "technical points" need to be cleared. He added, "A common market and common central bank would also position the GCC as one entity that would have great influence on the international financial system". The implementation of a single currency and the creation of a central bank are areas overseen by the GCC's Monetary Council. A water interconnection project has been discussed, but as of January 2023, there have been no notable developments. Unlike other leading aviation regions like the
European Union, members have not agreed to an open skies policy. As such, GCC airlines do not have unlimited market access rights to member states and compete to capture international air traffic flows. The GCC has also launched major rail projects to connect the peninsula. The railways are expected to fuel intra-regional trade while helping reduce fuel consumption. Over US$200 billion will be invested to develop about of rail network across the GCC, according to Oman's Minister of Transport and Communications. The project, estimated to be worth $15.5 billion, was scheduled to be completed by 2021. As of May 2022, railway construction in the UAE and Saudi Arabia has progressed significantly, but other members' efforts have lagged.
Saudi Arabian Railways,
Etihad Rail, and their respective national governments have invested 15 billion dollars as of early 2015 into railway infrastructure to create rail networks for transporting freight, connecting cities, and reducing transport times. ==Free trade agreements==