2010: Gulf Cooperation Council monetary union

The Gulf Cooperation Council (GCC) was formed in May of 1981 to promote policy coordination and economic integration among its member countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

At the GCC's 22nd summit in Muscat in 2001, regional leaders agreed to establish an economic union among member countries. The GCC plans to launch a single currency in January 2010. Currently, all member states except Kuwait have currencies pegged to the U.S. dollar.