Central bank - Assignment ExampleLow education levels as well as underdevelopment are also a common feature in these countries and thus making them depend on foreign labour. In a strive to improve their economy, the GCC countries have tried to diversify their economic activities after realizing that the natural resources are in the process of getting depleted and therefore inculcated capital intensive projects (Cobham & Ghassan 2011). Although most investments are done nationally, it is evident that all these countries have a common goal and thus face a common problem of acquiring capital. In response to this the financial sector, which plays a critical role in economic diversification, the GCC countries have taken the initiative to develop it. The development of financial sector has been done individually with each country operating guided by its own principles. However in2009, the central bank of the GCC was proposed that would collectively operate across the whole GCC region.
