The six-member Gulf Cooperation Council (GCC) yesterday approved a funding plan for the much-talked-about GCC power grid project, which is estimated to cost U.S. $6 billion. The first phase involves linking the grids of Kuwait, Saudi Arabia, Bahrain and Qatar, and will cost $2.25 billion. Saudi Arabia will contribute about 40 percent of the first-phase cost, Kuwait 36.5 percent, Qatar 13.5 percent and Bahrain 10 percent. The Gulf Electricity Link Authority, which is based in Dammam, will oversee implementation. The second phase involves linking the grids of Oman and the United Arab Emirates, and the final phase will join the two mega-grids.