The GCC leaders, who held their 12th consultative meeting at Dirriyah Palace, also called on all neighboring states and international partners to help Iraq and further the process of development in that war-torn country.

The GCC leaders supported the US-brokered peace negotiations that broke down a year before. US President Barack Obama's Mideast envoy, George Mitchell is shuttling between Jerusalem and Ramallah to play the role of mediator in the peace talks.

The GCC heads of state, who expressed hopes of a full-fledged revival of the peace process, also called on Israel to halt settlements in Palestinian territories. The summit urged the international community to exert pressure on Israel to speed up the peace process that will lead to the peaceful coexistence of two states side by side.

The Gulf leaders endorsed a broader agreement that calls on Iran to respond to peaceful efforts to resolve the crisis following repeated calls made by Western countries to Tehran to roll back its nuclear program.

The GCC summit was chaired by Custodian of the Two Holy Mosques King Abdullah who also hosted a dinner for the Gulf leaders. The meeting was also attended by Crown Prince Sultan, deputy premier and minister of defense and aviation, and Prince Naif, second deputy premier and minister of interior, besides other top Saudi officials.

King Abdullah said that the Gulf states were committed to bolstering efforts through concerted action for peace and security. A more homogenous GCC economic bloc is also the need of the hour, said the king.

"The aim is to fortify the security and stability of the region and to face challenges through joint vision," said Abdulrahman Al-Attiya, GCC secretary-general.

After the meeting's formal opening, the GCC leaders went into a closed session. On arrival at the palace, King Abdullah received the leaders and heads of delegations of the GCC states. They included Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai Sheikh Mohammed bin Rashid Al-Maktoum, Bahrain's King Hamad bin Isa Al-Khalifa, Deputy Prime Minister for Cabinet Affairs of Oman Fahd bin Mahmoud Al-Saeed, Emir of Qatar Sheikh Hamad bin Khalifa Al-Thani and Kuwaiti Emir Sheikh Sabah Al-Ahmed Al-Sabah.

A GCC official said that better transport links including a railway project were also discussed with added enthusiasm to boost inter-regional trade. "In a few years from now, we will probably see a far greater level of physical interconnections and far better transport links, not just in the Gulf but across the Middle East," he added.