The decision in May by GCC member states to house the new Monetary Council, a precursor to the GCC central bank, in Riyadh was controversial because of the widespread expectation that Abu Dhabi would be picked. But for Saudi Arabia, the significance of the outcome goes well beyond regional politics; it is a wider recognition that the kingdom's financial markets are maturing.
King Abdullah bin Abdulaziz al-Saud's visit to the UK in October 2007, the first by a Saudi monarch for 20 years, cements his reputation as a ruler of truly international importance.