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UAE seeks
unified currency for GCC
Monday December 06, 2010 08:08:26 AM,
IANS
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Abu Dhabi:
The UAE is still looking forward to a unified currency for the
six-nation Gulf Cooperation Council, Economy Minister Sultan al-Mansouri
said.
The UAE, the second-largest Arab economy and the world's third
largest oil exporter, opted out last year of the GCC plans for
monetary union, becoming the second country in the six-nation body
to withdraw from the drive.
Oman was the first to drop out of the project, saying its economy
is not ready yet.
However, Mansouri Sunday gave a glimpse of hope that the UAE could
be back on the track of the monetary union talks, reports Xinhua.
"I look forward that one day there would be a unified currency for
the people of the Gulf," Mansouri said in an interview with Saudi
Arabia's Aleqtisadiah newspaper.
The minister's statements came on the eve of the annual summit of
the GCC leaders in Abu Dhabi.
"I think such issues must be raised and discussed at such summit,
and there must be an evaluation of the dimension of the issue and
how to reach a compromise for all sides," the minister told the
paper.
In May 2009, the UAE withdrew from the plans in protest of a
decision to place the GCC central bank in Saudi Arabia, which the UAE had bid to host from 2004 to 2009.
"Here in the UAE, we believe that the Gulf states share the same
destiny, whether economically, politically, or socially. We are
one people," he said.
Founded in 1981, the GCC groups Bahrain, Kuwait, Oman, Qatar,
Saudi Arabia and the UAE.
The six states together hold around 45 percent of the global oil
reserves and produce 16 million barrels of crude oil daily.
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