The GCC was established in 1981 between Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE to protect themselves from the Iran-Iraq war. Its objectives include joint political and economic cooperation based on Islamic beliefs and shared destiny. The GCC countries have significant oil, gas, gold, and real estate industries. While their capital markets have grown, the derivatives markets are still developing and limited compared to other regions. The presentation suggests expanding derivatives offerings in accordance with Islamic finance principles, increasing market participation, and reducing costs to further develop GCC capital markets.