The US, France and Britain have shut down their embassies while Germany said that it will soon follow suit.
The GCC and the European Union have remained in a stalemate regarding the agreement for several years.
Last month, Houthi fighters, who had captured the capital in September, seized the presidential palace, driving the President to resign.
OPEC ministers and delegates have blamed non-OPEC producers such as Russia, Mexico and Kazakhstan, as well as U.S. shale oil production, for the oversupply in the market.
S&P cut its outlook for Saudi Arabia’s “AA-/A-1+” foreign and local currency credit ratings to negative from stable and lowered ratings of Bahrain and Oman.
The UN secretary general said that Arab countries could tackle radicalisation by promoting interfaith dialogue and being attentive to people’s aspirations.
Standard & Poor’s lowered its sovereign credit ratings on Bahrain and Oman, while lowering its outlook on Saudi Arabia.
The UAE had earlier suspended flights as part of the U.S.-led coalition conducting air strikes against ISIL.
High fiscal reserves in the GCC act as a strong buffer from global food price fluctuations, an expert said.
Mohamed Fahmy and Baher Mohamed were sentenced to seven and 10 years in jail respectively last year.
Muslim clerics also condemned the burning to death of the pilot, Mouath al-Kasaesbeh, saying such a form of killing was considered despicable by Islam.
ISIL fighters have brought large areas in Syria and Iraq under their control.
Middle East investors have began to look east as Europe’s economy struggle due to repeated fears over sovereign debt levels and weak growth indicators.
The company, which manufactures beverage brands such as Rani and Barbican, said that it achieved double-digit growth last year.
The UAE suspended flights as part of the US-led coalition conducting air strikes against ISIL because of concerns about search and rescue capabilities.
Brent crude jumped 2.2 per cent to $57.80 per barrel on Friday, posting its largest two-week gain in 17 years.
Yemen has been in political limbo since the president and prime minister resigned last month after the Houthis seized the presidential palace.
The UAE’s decision to withdraw its planes raised fears that regional support for the coalition air campaign might be slipping.
Figures from Airbus show that 47 per cent of its aircraft deals in the ME in the first 11 months of 2014 were funded by local banks.
Assailants on a motorcycle threw flammable materials and then opened fire at the restaurant, state news agency MENA said.
The region saw an 11.3 per cent growth in air freight traffic during the month of December, IATA said.
Jordan hanged two Iraqi jihadists, one a woman, on Wednesday and vowed to intensify military action against ISIL.
Greste was released on Sunday after 400 days in a Cairo jail and had been in Cyprus since.
Saudi Arabia, Kuwait and the UAE gave Egypt more than $12 billion in aid after former President Mohamed Mursi was toppled in 2013.
ISIL fighters released a video on Tuesday showing Jordanian pilot Muath al-Kasaesbeh being burnt alive in a cage.
A Jordanian official said the authorities would swiftly execute several militants in retaliation.
Fahmy’s colleague, Peter Greste, an Australian citizen, was released on Sunday.
The Indian jewellery retailer currently operates nine outlets in the UAE and three in Kuwait.
Australian Peter Greste was released on Sunday after 400 days in a Cairo jail while his colleagues still remain in jail.
Some OPEC members say that prices are likely to remain high in the first half of this year.