Iran to ease GCC nuclear fears

Doha: Under the shadow of increasing tension between Tehran and Washington and a sliding US dollar, Gulf leaders will open their 28th summit here on Monday.

The summit is expected to announce the birth of the Gulf Cooperation Council (GCC) common market, a top Qatari official said.

The meeting of the leaders of the GCC will be joined for the first time by the Iranian president who is invited as "a guest".

Summit guest

President His Highness Shaikh Khalifa Bin Zayed Al Nahyan is leading the UAE delegation. The leaders of Oman, Kuwait, Saudi Arabia and Bahrain will also attend.

King Hamad Bin Eisa Al Khalifa of Bahrain returned to Manama recently following a lengthy medical treatment trip.

The GCC secretary-general confirmed the participation of Iranian President Mahmoud Ahmadinejad in the opening session today as "a guest."

"We welcome the presence of the Iranian guest in the summit," Abdul Rahman Al Attiyah told reporters. He declined to give the reason behind the invitation but said it was normal for the summit to invite "personalities on that level".

Ahmadinejad will address the summit, Gulf News learnt.

Tehran said earlier its leader's presence in Doha will "bolster cooperation" between Iran and its Gulf Arab neighbours, who are worried about the Islamic Republic's growing influence in the region and its attempts to fill the vacuum in Iraq since the fall of the Saddam Hussain regime.

"I don't think it will be a ceremonial attendance," commented a Gulf diplomat. "He will try to assure GCC leaders of Iran's intentions [with regard to its nuclear programme]."

A WAM report said a meeting of the GCC finance and economic cooperation committees reviewed progress of the power and water grids as well as an inter-GCC railway link. If approved, the rail link work would start by 2010.

Monetary union ‘by 2010'

Gulf Arab foreign and finance ministers on Sunday decided to launch a single currency for the region as planned in 2010, starting with countries which are ready to take part, AFP said quoting an unnamed delegate.

But another source told Gulf News that it would be "too soon as at least two or three states aren't ready."

Another official said it could be done to ease the pressure on local currencies by the falling US dollar. A couple of states will have to make amendments, he said.

Meanwhile, the ministers deferred the issue of revaluation of local currencies to the leaders.

- M.A.