A Gulf Cooperation Council (GCC) source was quoted by the al-Arabiya news network as saying Egypt is currently being considered for incorporation in the economic group. The network sourced the story to Kuwait's al-Watan newspaper, which said sources close to the GCC were looking at making Egypt, a North African country, the newest member. The sources also said that the GCC states were “enthusiastic about Egypt joining, as the country has the capabilities and shares mutual strategic interests with the Gulf states. Egypt's security historically has also been linked to the security of the Gulf,” they added. Egypt and Morocco are the only Arab economies classified as emerging markets, and Egypt boasts the biggest army in the Arab world. In addition, Egypt and the GCC states have strong mutual interests. On September 11, Morocco and Jordan attended their first GCC ministerial meeting, in Jeddah. The sources said that an Egyptian role is increasingly necessary to the stability of the region, especially after the change of regime in Iraq and the increasing Iranian interference in the Iraqi political sphere. Last week, Egypt's deputy prime minister, Hazem al-Beblawi, said Arab governments or their investment arms may soon buy Egyptian treasury bills to help the Cairo government reduce its borrowing costs. Beblawi specifically mentioned Saudi Arabai and the UAE when discussing the treasury bills. The GCC's six member-states include: Bahrain, Kuwait, Qatar, Oman, Saudi Arabia, and the United Arab Emirates. BM
