Abu Dhabi: The UAE has ruled out plans to re-enter the planned Gulf monetary union at least for the time-being, a top official said on the sidelines of the 31st GCC Summit on Monday.
The Gulf's second-biggest economy last year pulled out of the planned union following a dispute over the location of the monetary council, a precursor to the proposed GCC central bank.
"We don't think it is the proper time to discuss the UAE going back to the project of the single GCC currency," Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank, told mediapersons on Monday.
Meanwhile, in a move that will boost the investment climate in the GCC, companies belonging to Gulf citizens will be allowed to open branches across the GCC countries, a senior official confirmed to Gulf News on Monday.
Mohammad Bin Obaid Al Mazroui, GCC Assistant Secretary-General for Economic Affairs, said that the summit will pass a resolution allowing companies to open branches in the six GCC member states.
Investment boost
"The summit will approve a resolution allowing companies to open branches in member states, a move that is expected to deepen economic citizenship and improve joint investment climate," Al Mazroui said.
He added that economic issues will dominate discussions at the summit today. "The economic dossier which includes the railway project, common market and customs union will be further discussed in closed sessions."
He said social affairs, education, health and security will also be discussed.
The ambitious plan for a GCC railway network ranks high on the summit's agenda.
A feasibility report on the project has been submitted to GCC policymakers for further recommendations and approval before the summit winds up.
Al Mazroui said that provided clearances come through at the summit, the network's construction phase will begin with tenders being called as early as possible to develop the design.
The highly-anticipated 2,117-kilometre rail network is expected to be completed by 2017 if all approvals are obtained.
