KUWAIT CITY (AFP) - Kuwaits emir on Monday opened a Gulf leaders summit by voicing full support for Saudi Arabia in its fight against Yemeni rebels and calling on Iran to comply with international legitimacy. We renew our strong condemnation of these aggressions (against Saudi Arabia) and declare full support for whatever actions Saudi Arabia takes to defend its territory, Sheikh Sabah al-Ahmad al-Sabah said in his speech. Any harm to the security and stability of Saudi Arabia is harm to the collective security of the member states of the Gulf Cooperation Council (GCC), he added. Since early November Saudi forces have been fighting Yemeni Shiite Zaidi rebels, also known as Huthis, in the border area after a group of militants killed a Saudi border guard and occupied two Saudi villages. Sheikh Sabah also said the GCC wanted the standoff over Irans nuclear programme resolved through dialogue, and urged Tehran to comply with international legitimacy in order to reach a peaceful solution. Sheikh Sabah said the energy-rich nations are determined to forge ahead with further economic achievements, including the launch of a common power grid and rail network. During the two-day gathering, GCC leaders will explore ways to boost and integrate their economies, which have suffered a knock-on effect from Dubais debt crisis. Kuwaits Finance Minister Mustafa al-Shamali on Sunday urged his counterparts to work together to contain the ongoing fallout from the financial crisis, although he made no explicit reference to Dubai. The economies of the GCC nations, which boast 45 percent of the worlds proven oil reserves and a quarter of global gas resources, have been hit hard by the sharp drop in oil revenues after years of major cash flow. The GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. A number of key economic integration projects will be launched at the summit. The leaders are expected to officially launch a monetary union pact, approve a multi-billion-dollar railway network and commission the start of a common power grid project. Kuwaits foreign ministry undersecretary Khaled al-Jarallah, quoted by the KUNA news agency, said on Monday that GCC foreign ministers had agreed on a time-frame for the Gulf single currency without providing details. The agreement stipulates setting up a monetary council next year in Riyadh. This will later become a central bank which will issue the single currency. Only four of the six GCC members have signed and ratified the monetary pact. Oman withdrew because it was unable to meet the conditions and the UAE withdrew after Riyadh was selected to host the central bank. Later on Monday, the GCC leaders are expected to commission the first phase of a 1.6-billion-dollar Gulf power grid project. The head of the power grid authority, Yussef Janahi, told a news conference the project would reduce the need for new generation capacity in GCC states next year by 5,000 megawatts. It will be completed in 2012, he said. Kuwait, Saudi Arabia, Qatar and Bahrain have all been linked to the system, he said. The GCC leaders will also discuss the fighting in Yemen and Irans nuclear ambitions. Kuwaiti Foreign Minister Sheikh Mohammad al-Sabah told a foreign ministers meeting that GCC states were surrounded by grave security developments and serious economic implications. His Yemeni counterpart Abu Bakr al-Kurbi secured assurances of economic and security support from the GCC when he delivered a letter from President Ali Abdullah Saleh to the Kuwaiti ruler.