The Gulf Cooperation Council (GCC) leaders have commissioned the first phase of a 1.6 billion dollar power grid project during the GCC summit kicked off in Kuwait City last evening.<br/><br/>The draft communiqu’ which will be issued today is expected to include a time frame for the launching of the GCC monetary union and launching of the GCC railway authority.<br/><br/>Earlier, the GCC leaders summit called for quick solutions to regional problems, notably Yemen, the Palestinian-Israeli conflict and Iran’s nuclear program. The GCC states urged the international community to pressure Israel for the complete withdrawal from the occupied Arab territories and stopping the construction of Jewish settlements in the occupied Palestinian territories. On Iran the leaders said that the Iranian issue should be solved by dialogue and peaceful means, while calling on Tehran to comply with international regulations to strengthen regional security and stability.<br/><br/>The GCC was established in 1981, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).<br/>