The Gulf Co-operation Council decided on Tuesday at an informal summit in Saudi Arabia that Riyadh would host the future central bank of the six-nation group, the GCC chief told a news conference. GCC Secretary General Abdurrahman al-Attiyah of Qatar told reporters after the day-long summit, however, that "no timetable has yet been established for monetary union" between the member states.
Establishing a central bank for the grouping is seen as paving the way for the launch in 2010 of a common GCC currency. The energy-rich GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Five member states gave their green light last December 30 for Gulf monetary union, but the sultanate of Oman pulled out of the project.