A senior Gulf official declared that there is a planning of a landmark plan to launch the Middle East's first currency union in the oil-rich Gulf. It is about to occur yet this will be completed after the return of the UAE and Oman.

Abdul Rahman Al Ateyya, GCC secretary general alleged that there was a meeting held in Abu Dhabi by the heads of state of the six-nation Gulf Cooperation Council (GCC) in previous month. They decided to push ahead with the customs union removes a major barrier to the monetary union.

Ateyya held that a single currency has become closer than ever with the beginning of the GCC Monetary Council. It will cover the way for the GCC Central Bank.

Ateyya, a Qatari assumed that now the launching of a single currency is closer. All the problems which were blocking this project are now finished. The main barrier was the carrying out of the customs union.

This business of a GCC Central Bank has planning to set the period for launching a single currency. Yet more important thing is the return of the GCC members which have not noticed the agreement to the monetary union institutions.