From Business24-7.ae: Four Gulf nations will launch their monetary authority to set up a joint central bank at the end of February as part of an historic pact to create the Middle East’s first currency union, a senior Gulf official was quoted as saying yesterday.

Saudi Arabia, Kuwait, Qatar and Bahrain, members of the six-nation Gulf Co-operation Council (GCC), will officially launch their monetary union on January 23 following its final summit approval last month, said Nassir Al Qaoud, GCC’s Deputy Assistant Secretary General for Economic Affairs………………………………….Full Article: Source