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Saudi king says Gulf will resolve disputes
Comments follow UAE decision to withdraw from single currency plan.
- Reuters
- Published: 23:09 May 26, 2009
Kuwait: Gulf countries will review their deal on regional monetary union and will seek to resolve disputes prior to its implementation, Saudi Arabia's King Abdullah Bin Abdul Aziz was reported as saying on Tuesday.
The comments come less than a week after the UAE broke ranks with four other Gulf states by withdrawing from the single currency plan in protest at a May 5 decision to base the joint central bank in Riyadh.
King Abdullah did not specify what terms of a monetary union deal would be reviewed, in the remarks carried by Kuwait-based newspaper Al Seyyasah.
"The coming review before the implementation would resolve what had been disputed upon," King Abdullah was quoted as saying.
"The atmosphere for reviewing the monetary union agreement is open and the Emirates has an alert leadership ... We do not doubt their keen [interest to safeguard] the strength of our Gulf council."
The UAE's foreign minister said last week the country would consider rejoining the Gulf monetary union if the terms change and its neighbours agree to allow a joint central bank to be based in the country.
Saudi Arabia, Kuwait, Qatar and Bahrain have until a December deadline to ratify a monetary union deal.
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