AGCC all set for single currency in five years - Khaleej Times

Asked if there will be many obstacles in implementation of the single currency within the scheduled time, the source said, "Why should we have problems since our currencies are of the same rates and almost the same denomination of riyal and dirham. The European countries had all the reasons to halt the implementation of single currency, yet they went ahead with determination to become the strongest currency in the world in less than five years."

Economists say that among the reasons to be cautiously optimistic is the implementation of the customs duty and the similarities of the economic outlook between the six nations. "The six Arab Gulf Countries are embarking on the exceptionally difficult job of creating a new currency, but we are quite optimistic and positive," he added. "We have no choice but come up with a single currency."