Gulf currency by 2010, say Saudis

The original idea was floated in 1981, soon after the formation of the Gulf Cooperation Council (GCC) -- which consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- as part of a programme of economic integration.

So far, the GCC countries have made considerable steps towards the single-currency goal, said Muhammad Al-Jasser and Abdulrahman Al-Hamidy of SAMA in a report made public last week. Measures to link the nations’ stock markets are already afoot.