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Thread: What the GCC section is about...

  1. #1
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    Default What the GCC section is about...

    There are many of us on the forum who believe that Iraq will be part of the GCC or Gulf Cooperation Counsil in the year 2010. The Gulf Cooperation Counsel is a 6 member counsel of the gulf states of Kuwait, Saudi Arabia, Qatar, Bahrain, the United Arab Emirates and Oman. They are schedualed to all come under one currency (similar to that of the Euro) in 2010. These countries all have 3 things in common...

    1. They are all gulf states.
    2. They all have oil.
    3. They are all going to peg that new currency to the dollar.

    The Gulf Cooperation Council seeks to strengthen cooperation (in areas such as agriculture, industry, investment, security, and trade) GCC members have agreed
    to establish a customs union in 2005 and a broader economic union (including a single market and currency) by 2010.

    The presidency of the Gulf Cooperation Council rotates yearly among members. Council headquarters are in Riyadh, Saudi Arabia


    Based on the news articles below we can come to the conclusion that the GCC wants Iraq and vise versa...

    New Iraq Can Join GCC: Bahraini Minister

    "MANAMA, 19 October 2003 — Post-Saddam Hussein Iraq is in a position to join the Gulf Cooperation Council (GCC), either partially or as a full member, a Bahraini minister said yesterday. “I believe Iraq is in a position to join the GCC, either partially or as a full-fledged member,” Trade Minister Ali Saleh Al-Saleh told reporters."

    Iraq Seeks GCC Entry

    Associated Press, Arab News

    KUWAIT CITY, 7 December 2003 — A member of Iraq’s Governing Council said yesterday that his country wants to join the six-nation Gulf Cooperation Council and has the right to belong to the regional organization.

    Ibrahim al-Jaafari, a member of the US-appointed Iraqi council, made the statement two weeks before a summit meeting of GCC leaders is scheduled in Kuwait.

    “We believe that the new Iraq has to be a member of the GCC,” Al-Jaafari told reporters on the sidelines of a conference on Islamic groups and political reform. “(Iraq) doesn’t only have the right to belong, it can also offer strong backing and support for the Gulf countries.”

    The council groups Kuwait, Saudi Arabia, Qatar, Bahrain, the United Arab Emirates and Oman. Iraq was never a member, but it was represented in some of the GCC’s cultural and sports organizations.

    Iraq’s ties to the organization were cut when President Saddam Hussein ordered the invasion of Kuwait in 1990 and the Iraqi Army occupied the country for seven months. A US-led coalition liberated the country in the 1991 Gulf War.

    “Iraq is a country that overlooks the Gulf, this is a truth... it is actually an Arab Gulf country,” Al-Jaafari said. If the regime of Saddam Hussein was an obstacle, it is gone now, he added.
    Al-Jaafari said he has discussed this with all Gulf states and “found nothing but positive positions.” Ties between Kuwait and Iraq were severed until the United States and Britain invaded Iraq and removed Saddam from power in April.

    Iraq 'not healthy enough' for GCC
    Thursday 15 July 2004, 11:56 Makka Time, 8:56 GMT

    Don't expect Iraq to join the Gulf Cooperation Council (GCC), says Iraq's president. At least not yet.

    It is unrealistic for Iraq to ask to join the six-member council due to the current political situation said Iraqi President Shaikh Ghazi al-Yawar on Wednesday.

    "I believe this request is unrealistic," Yawar told reporters in Baghdad after meeting with members of the country's new appeals court.

    "We in Iraq are not in a position that would allow us to impose upon our brothers (such a request)."

    He said Iraq faces a lot of problems and is in no position to join "a very organised and healthy body," like the GCC, which groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

    Economic quarantine

    Yawar likened a request by Iraq to join the GCC to someone with a severe cold asking to come into your home.

    "Maybe, in the future, when Iraq recovers, by then, these countries will be ready to accept the democratic Iraq. We will play an important role," he said.

    The GCC and its member countries have welcomed the interim government installed by US-led occupying forces.

    Before Saddam Hussein's invasion of Kuwait in 1991 and the end of diplomatic ties between Iraq and the GCC states, Baghdad was granted the status of observer during some of the council's summits and meetings.

    Furthermore given this table courtesy of JeffP, we can see that the 6 gulf states are equally divided economicaly in reguards to their currency...

    1 US Dollar = 3.75020 Saudi Riyal -current banknotes:1,5,10,20,50,100,500
    1 Saudi Riyal (SAR) = 0.26665 US Dollar (USD)

    1 US Dollar = 3.64000 Qatari Rial - current banknotes:1,5,10,50,100,500
    1 Qatari Rial (QAR) = 0.27473 US Dollar (USD)

    1 US Dollar = 3.67450 Utd. Arab Emir. Dirham -current banknotes: 5,10,20,50,100,200,500,1000
    1 Utd. Arab Emir. Dirham (AED) = 0.27 215 US Dollar (USD)

    ----This space officially reserved for Iraq ----

    1 US Dollar = 0.37701 Bahraini Dinar -current banknotes:1/2,1,5,10,20
    1 Bahraini Dinar (BHD) = 2.65245 US Dollar (USD)

    1 US Dollar = 0.38599 Omani Rial -current banknotes: 1,5,10,20,50
    1 Omani Rial (OMR) = 2.59074 US Dollar (USD)

    1 US Dollar = 0.29353 Kuwaiti Dinar -current banknotes: 1/4,1/2,1,5,10,20
    1 Kuwaiti Dinar (KWD) = 3.40681 US Dollar (USD)

    This section of the forum is dedicated to listing news and discussion(past, present and future) of the GCC and thier relation to Iraq.

    So if it's about the GCC POST IT HERE!!!
    Last edited by Jerry; 01-08-2005 at 02:12 AM.
    "Faith without works...
    IS DEAD."

    Advocatus Diaboli / Fidei Defensor

  2. #2
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    Default Yeeaaaaaaaaa Jerry

    Hey Jerry, JeffP, etc..,
    There is a large disparity between the value of the 6 member countries currencies. 3 rather high, 3 rather low. I think the majority of the forum members knew Kuwait was up there in value, but why are the other countries so low? Especially Saudi. I think most would assume that they are one of the largest oil producing countries in the world, so what seperates them from Kuwait? I know JeffP thinks Iraq will fit somewhere in the middle. Can you elaborate on your thinking here? Thanks guys.

  3. #3
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    mucho i was thinking the same thing.but it makes you think that if saudi is .26cents where is iraq going to open at, or even rise to.i'am i off base here?thanks

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    Default

    This will take a bit of research but...

    I know that Saudis currency is lower due to thier lack of "Westren" influence in the markets and banking institutions and the number of people they have percapita. They have about 27 million people (comprable to Iraq) and most of the countries money lies with the Mullahs.

    So in terms of people Saudi would look the most like Iraq, however...
    NBK of Kuwait was chosen to head The Trade Bank of Iraq which handles all the finances of import / export. Also Kuwait has most of the CPA contracts running through NBK to pay Iraqis who are in Iraq. Kuwait themselves have numerous subcontracts in Iraq. So Kuwaity influence is definatly there, especially when Kuwait has the most experience in dealing with reconstruction after the not so long ago 91 Gulf War. So the scales tend to tip in this direction when it comes to reconstruction and fiscal policy, due to Kuwait allowing "Westren" influence into their markets. For an examplelook at www.nbk.com and see all the areas of investment they are into. That would be a good representation of Iraqi banks in the future as NBK is one of the leading sources in thecnology and investment in the region. When I went to make a deposit last week at the main branch in Kuwait City, I seen about 30 or so Iraqis training with Kuwaity bankers. I only know this because I asked my bank manager.

    The other countries I will have to study up on.
    Last edited by Jerry; 01-07-2005 at 01:41 PM.
    "Faith without works...
    IS DEAD."

    Advocatus Diaboli / Fidei Defensor

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    Quote Originally Posted by bert lewis
    mucho i was thinking the same thing.but it makes you think that if saudi is .26cents where is iraq going to open at, or even rise to.i'am i off base here?thanks
    Bert. I think there are going to be reasons Iraq will eventually be up there. At this point, I would feel more comfortable getting an idea why this will happen. That is what this forum is all about....think tank....getting the info out there using all of our collective research skills. Once we figure out the degree of seperation between the 6 countries, we may be able to "guesstimate" where Iraq fits in. Let's put it this way, I am actually STOKED that 3 countries are .27 or so.

  6. #6
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    Quote Originally Posted by TONY
    that all sounds good and dandy,but what about the people who dont have bank accounts in iraq.is there still a point for them to even contuining to buy dinars now that iraq and the gcc want to join and make 1 currency?whats going to happen to the ones people allready have??????????????
    Well Tony, judging by recent posts by members who have wired money in december, buying the hard currency still may be safer. Keep in mind everyone, I know the money can still go through. The ultimate question is: Will the dinar go on the forex before the uniting of currency??? Then our problems are solved. Let's say there is a jump in value and it's not on the forex. Then we have a decision to make. I have thought about mailing it. I have thought about hiring someone to do it. It all comes down to trust. Some of us will have small fortunes, so who do you trust. I don't know about you, but I AM THE ONLY PERSON I TRUST. So unless you are patient and wait for the dinar to go on the forex.....keeping in mind it probably will happen, but it is something out of our control.....you have to get your dinars into Iraq. That is the only thing we can control. My suggestion is a group of us go together (strength in numbers) to Iraq and deposit the money at Warka and get the hell out of there. When home, wire the money back, if that is what you want. WHEN that time comes I am willing to plan with anyone willing on this forum and that includes you TONY ;)

  7. #7
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    Default im in for a vacation

    im in for an Iraqi vacation...how the hell would we get in?

  8. #8
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    Default get in

    Quote Originally Posted by twinsfan
    im in for an Iraqi vacation...how the hell would we get in?
    Through the front door <">
    Sorry Could'nt resist.

  9. #9
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    Default Count me in

    Quote Originally Posted by Mucho Dinaro
    Well Tony, judging by recent posts by members who have wired money in december, buying the hard currency still may be safer. Keep in mind everyone, I know the money can still go through. The ultimate question is: Will the dinar go on the forex before the uniting of currency??? Then our problems are solved. Let's say there is a jump in value and it's not on the forex. Then we have a decision to make. I have thought about mailing it. I have thought about hiring someone to do it. It all comes down to trust. Some of us will have small fortunes, so who do you trust. I don't know about you, but I AM THE ONLY PERSON I TRUST. So unless you are patient and wait for the dinar to go on the forex.....keeping in mind it probably will happen, but it is something out of our control.....you have to get your dinars into Iraq. That is the only thing we can control. My suggestion is a group of us go together (strength in numbers) to Iraq and deposit the money at Warka and get the hell out of there. When home, wire the money back, if that is what you want. WHEN that time comes I am willing to plan with anyone willing on this forum and that includes you TONY ;)
    I think that is a viable option to take. If it comes down to that, I will be happy to join you on a trip ti Iraq.

  10. #10
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    Default

    Quote Originally Posted by Euskadi
    I think that is a viable option to take. If it comes down to that, I will be happy to join you on a trip ti Iraq.
    Count Me In, (pm me if anyone is serious)

  11. #11
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    Default count me in

    Quote Originally Posted by Euskadi
    I think that is a viable option to take. If it comes down to that, I will be happy to join you on a trip ti Iraq.
    Count me in also...I would go there to make sure that I get my money's worth....

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    Quote Originally Posted by letsdodinar
    If that's what it takes, then I'm in. Just make sure we have a contact in-country that can sell us some AK-47's and the like.
    There's worst places then that, You ever been stuck in the Bronx 3am on a Saturday ?

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    Default Bronx

    Quote Originally Posted by DINAR_TIME
    There's worst places then that, You ever been stuck in the Bronx 3am on a Saturday ?
    Or Ahhh Detroit

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    LAUGHING MY BUTT OFFFFFFFFFF! :lmao:

  15. #15
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    I'AM IN TO.BUT WHY DO WE HAVE TO GO TO IRAQ?YOU WOULD THINK THAT ANY ONE OF THE 6 COUNTRYS WOULD BE ABLE TO EXCHANGE,FOR A FEE.IT'S ALL GOING TO BE SET AT THE SAME PRICE ANYWAY.KUWAIT SOUNDS ALOT SAFER TO ME.

  16. #16
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    Default

    Qatar or Kuwait ...either one.

  17. #17
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    Default i might go

    If you guys are planning a trip in the near future, I'll pray for you! If your planning a trip when Iraq is a little more safe, then I'll join you!

    It might help us overcome some ISX problems too. Hell, I'll get a dual citizenship if I have too!

  18. #18
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    Default

    Anyone who would like to respond to a "going to iraq" type of thread....go to

    http://www.investorsiraq.com/showthread.php?t=3338

    this thread concerns the GCC. Thanks

  19. #19
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    Default

    Quote Originally Posted by Mucho Dinaro
    Anyone who would like to respond to a "going to iraq" type of thread....go to

    http://www.investorsiraq.com/showthread.php?t=3338

    this thread concerns the GCC. Thanks

    Which thread should I go to if I want to go to Iraq and talk about the GCC?

  20. #20
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    i know this is old but i have a better and safer idea.

    fly to Texas
    open up a FREE checking/savings account at Compass Bank
    you can purchase dinars there
    you can also exchange the ones you have, deposit them and wire them to Warka... and YOU WON'T GET SHOT AT!!! :lmao:
    carpe diem

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