Having said this, let us look at the Euro and the Euro Area from an outsider's point of view. In the GCC Countries, we see the Euro as the second currency in the world after the US Dollar. This maybe explained, in part, if we look at the import figures and the currency of settlement for trade imports.
If we study the figures of imports into the GCC Countries, we will see that imports from the Euro Area have stayed almost static at about 20-21% over the past five years. As an outsider to the Euro, the GCC Countries must have economic reasons to hold Euros, one of these reasons is to pay for the import bill.