Gulf monetary union pact to be signed Monday

An accord on monetary union among four members of the six-nation Gulf Cooperation Council will be signed on Monday, GCC chief Abdurrahman al-Attiyah said on Friday, the SPA news agency reported.

On May 20 the United Arab Emirates pulled out of the proposed monetary union in a major blow to plans to forge a single regional currency. Oman announced in 2007 that it would not join.

The remaining four members of the energy-rich GCC are Bahrain, Kuwait, Qatar and Saudi Arabia.