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The agenda of the GCC summit, which begins on Monday, will revolve around the money matters in Dubai and the creation of a new currency.
December 13, 2009 1:54 by Aarti Nagraj
Oman, however, was the first GCC nation to pull out of the monetary union in 2006; it claimed the currency would not be ready by 2010.
But according to reports, officials in Kuwait hope they will persuade Oman and the UAE to rejoin the union. Considering the recent financial crisis, maybe the UAE will benefit from being a part of the union.
“Capitalism has failed, and the dollar has failed,” Nahed Taher, CEO of Bahrain’s Gulf One Investment Bank said during a recent conference. “Our sovereign wealth funds must stop investing in bonds in America. We need the money here and we shouldn’t waste it on the US or Europe,” she said.
Forming a single currency will further encourage funds in the Gulf States to invest in each other. And being a part of the project may help the UAE to prevent another financial crisis in Dubai.