The Khaleeji (Arabic: خليجي) was a proposed name for a common currency of the member states of the Gulf Cooperation Council (GCC).
[7][8] The UAE did not agree with this decision and criticized the fact that the large majority of GCC institutions were headquartered in Saudi Arabia.
[9] Later, on November 23, 2009, statements by the UAE Central Bank Governor Sultan bin Nasser al-Suweidi stated that the greatest obstacle was the lack of a precursor unit of account.
It would be seen as a further step in the expanding remit of what was originally intended as an organization for security cooperation between the GCC states, which then grew into an economic agreement and a customs union in 2001 and 2003.
[13] In 2010, it was believed that a GCC common currency between the four states of Saudi Arabia, Kuwait, Bahrain, and Qatar could proceed for a number of reasons, including: However, as of 2020, no significant developments had been announced.