The 27th summit of the Gulf Cooperation Council (GCC) is being held in Riyadh, capital of the Kingdom of Saudi Arabia (KSA), between Saturday and Sunday.

The following is a brief introduction of the annual meeting of the alliance that gathers Gulf Arab leaders and senior officials.

The Cooperation Council for the Arab States of the Gulf, universally known as the GCC, is a regional political and economic alliance that was founded on May 25, 1981.

The bloc brings together six Gulf Arab states -- Saudi Arabia, Kuwait, the UAE, Oman, Qatar and Bahrain. Its headquarters is in the Saudi capital Riyadh.

It aims to boost wide-ranging cooperation between members and, through collective security, to guard against any outside threat and Islamic extremism.

It also strives for economic integration by launching a customs union in 2003 and aiming to set up a common market by 2007 and to adopt a single currency in 2010.

The shared interests of the six Arab states of the GCC are deep and historic. The region is the heartland of Islam, which underpins the culture and customs of the states.

The GCC members have something else in common - oil. As a group, these states hold almost half of the world's oil reserves and 14 percent of the global gas reserves.

The summit will also focus on political issues such as counter- terrorism, Iran's nuclear program and the current situation in Iraq, Lebanon and the Palestinian territories.

The GCC's highest authority is the Supreme Council, formed by the six heads of the state, with presidency rotating each year.

A summit is held in each year's December. The Supreme Council lays down policy guidelines and approves the basis for relations with other states and international organizations.

This year's summit is named "Shiekh Jabar Summit" in memory of the late Kuwaiti Emir Sheikh Jaber al-Ahmad al-Sabah.

Source: Xinhua