UAE looks forward to unified currency

UAE looks forward to unified currencyThe UAE continues to look towards a unified currency for the six-nation Gulf Cooperation Council, according to the Economy Minister Sultan al-Mansouri.

The UAE is the second-largest economy in Arab land and the third largest exporter of oil in the world, and it withdrew from the GCC plans for monetary union last year, thus becoming the second country in the six-nation group to opt out of the drive. The first to withdraw was Oman, claiming that its economy was not ready still.

Meanwhile, Mansouri Sunday gave everyone a ray of hope that the UAE might be back on the track of the monetary union discussions, as reported by Xinhua.

In an interview with a Saudi Arabian newspaper, Mansouri said that he was looking forward to that single day when there will be a unified currency for all the citizens of the Gulf.

The minister said these words on the eve of the yearly summit of the GCC leaders in Abu Dhabi.

He further said that he thought such issues should be brought up and talked about in such summits, and there must be an analysing of the dimension of the issue and how to compromise for each and everyone.