Mike Moore examines the role of the GCC in the global economy in exclusive Oxford Business Group viewpoint

In the report he points out that most GCC currencies are linked to the dollar, and said there was talk of a common currency which will have profound implications for the status and security of the US dollar.

"Together, the GCC would be the 7th largest economy in the developing world, twice the size of Turkey, South Africa and the Argentine," he said, emphasizing the financial clout of the region.

"The GCC's global savings are higher than China's, and its current account surplus on a par. The Abu Dhabi Investment Authority is second only to the Bank of Japan in terms of assets. UAE's international investments are diverse and growing, and range around the world from financial institutions such as Deutsbank and Citibank to big consumer names including Sainsbury, Daimler, Ferrari, Aston Martin."

The IMF, he said, believed that GCC infrastructure investment will reach $800bn by 2010.

Moore pointed out the remarkable growth in the GCC countries, epitomised by the new cities springing up, the soon to be finished world's tallest building, the plan for the world's first ever green, carbon-neutral city, and the fact that 40% of the world's cranes are at work in the UAE.

"Half the GCC states score ahead of Italy for economic development," he said.

"The small states are laboratories of progress and hope, where success is causing a global splash, a global ripple, in which we all have a stake."

The interview with Moore is one of a series of exclusive interviews with key officials and business leaders in what is considered the most extensive, independent, unbiased and authoritative review of Bahrain available.

Rated as the premier guide for foreign direct investment into the country's vibrant economy, The Report is an invaluable guide to the many facets of Bahrain, including its, macroeconomics, infrastructure, political landscape, banking and sectoral developments, and presents a remarkably in depth profile of the country.

The publication, with an international distribution of 73,000, was produced by a team of OBG analysts based in Bahrain for six months, who conducted some two hundred interviews with leading political and economic figures.

26% of its subscribers are financial institutions, 21% in energy, 21% in IT and telecommunications, 18% in industry, and 9% in real estate and construction.

33% of them are in Europe, 26% in GCC countries, 18% in North America, 18% in North Africa and the Levant, and 5% in Asia.

The Report Bahrain 2008 is published in partnership with primary partner, the Bahrain Economic Development Board, Securities and Investment Company (SICO as capital markets partner, Ernst & Young as accountancy partner, and Qays H. Zu´bi as legal affairs partner.

Available in print form and online, it is part of the range of OBG's publications, which are renowned as leading sources of information on developing and emerging economies around the world.