The GCC (Gulf Cooperation Council) is a political and economic union involving the six Arab states of the Persian Gulf with many economic and social objectives. The GCC is an oil-based region with the largest proven oil reserves in the world (489.4 billion barrels), 36.7% of the worlds total crude oil reserves. This region ranks as the largest producer as well as exporter of petroleum and plays a leading role in the world in general and OPEC in particular. For the GCC region, oil & gas represent approximately 73% of total export earnings. Oil and gas sector accounts for roughly 63% of governments revenues and 41% of its GDP. The GCC regions economy has tripled in size during 2002 to 2008 and six countries of the GCC region have enjoyed a spectacular economic boom The robust economic performance is attributed to strong global oil demand till late 2008; better geo-political environment; acceleration of reform measures; strong boost in privatization activities; growth of assets of central banks and the strength of the GCC corporate sector. The region is continued its economic reform program, focusing to attract domestic, regional and foreign private sector investment into oil & gas, power generation, telecommunications, and real-estate sectors.