Alammar said the Gulf bloc had emerged as a self-confident and powerful regional body “willing to resolve problems and disputes” with diplomacy and long-term vision.

Alammar, while giving an overview of the GCC's engagement in regional affairs, including Israel, Yemen, Syria, Libya, Iran, Egypt, and in the affairs of several nations situated in Gulf's extended neighborhood, said the GCC stands for promoting cooperation based on the principles of consultation, openness and inclusiveness.

“The GCC, in fact, faces many challenges collectively in these changed circumstances,” said the GCC deputy chief, while referring to regional turmoil.

Referring to the position of the GCC on Syria, he said world leaders and political analysts would be watching the Gulf response to Iran and Syria following the summit in Riyadh.

The GCC has been optimistic that Syrian President Bashar Al-Assad would finally sign an Arab League peace deal aimed at ending his crackdown on protests and averting a civil war. The crisis in Syria and a dispute with Iran will likely be high on the agenda of the GCC summit, which will conclude on Tuesday.

The focus is also on how to build consensus to set up a monetary union with a single currency, how to integrate Jordan and Morocco as members into the GCC fold, and how to respond to regional challenges and problems posed by countries like Iran.

Other issues include a rising youth demography in the GCC, unemployment among youngsters, uneven growth, oil resources and global oil market, problems caused by the massive expatriate population and regional security issues.

Referring to the regional uprisings that started with Tunisia and Egypt, he appreciated the efforts of the GCC as a bloc and underscored the need for reforms and dialogue in several Arab countries.

He said the GCC represents one of the wealthiest groupings in the world and its role is also becoming more and more critical and wider in a global context. Blessed with extensive oil and gas reserves, development and investment in the sector is substantial, said a statement released by the GCC General Secretariat in Riyadh on Sunday.

The statement said the GCC countries are seeking to diversify their economic base and reinvest a substantial amount of their surplus capital in massive infrastructure projects, including hospitals, medical centers and educational institutions.

“Despite the current global economic slowdown and lower oil revenues, GCC governments are determined to draw down their accumulated reserves to maintain the level of these investments in order to sustain their economies,” it added.

The statement said the rising levels of disposable income, government-subsidized basic necessities, and more flexible consumer and business lending practices are creating a new generation of affluent consumers.

“The GCC is also a major source of foreign investment capital and by 2020, GCC countries are expected to have over $3.5 trillion in foreign direct investment holdings,” said the report, while referring to the economic growth of the six Gulf states and the interest of major foreign players in the region.

The region is being positioned as a leading trading hub serving the Middle East, Africa and Southeast Asia, said the report, while referring to the confidence of investors and businessmen in the Gulf region despite the uprisings in some neighboring countries.

“In fact, the GCC had exerted tremendous efforts during the past months in ending the Yemeni crisis by offering an initiative signed by various concerned parties in Yemen last November,” said Alammar, while underlining the political role played by the bloc.

On the commercial front, the GCC as a bloc faces several challenges. The full implementation of the customs union, the creation of a joint GCC market and the extensive railroad networks that will require billions of dollars in investments are some of the challenges, said another GCC official.

Headquartered in Riyadh, Saudi Arabia, the Gulf Cooperation Council was established in 1981 to, according to its charter, “effect coordination, integration and inter-connection among the Member States in all fields in order to achieve unity” and stress “the special relations, common qualities and similar systems founded on the creed of Islam, faith in a common destiny and sharing one goal” defined by the Arab identity.