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Four members of the GCC will sign an accord in the Saudi capital Riyadh on Sunday on the creation of a monetary union.
Foreign ministers from Bahrain, Kuwait, Qatar and Saudi Arabia will meet to sign the pact to set up a monetary council in Riyadh this year, GCC spokesman Abdelaziz Al Uwaisheg said. The council will manage the transition towards monetary union, which is targeted for 2013, according to reports.
Members Oman and the UAE will not take part in the plan, though other members hope to bring them in later.
Oman announced in 2007 that it would not join, while the UAE, a key regional banking and commercial hub, pulled out last month after being miffed at the GCC decision to base the future regional central bank in Riyadh.
