Most of the GCC currencies are already pegged on a fixed parity basis, with US Dollar for international trade settlements, and perhaps, there is no major upside in creating a GCC common currency. However in order to avoid risks associated with the fall (weakening) of US Dollar in future, the GCC countries can convert their long term oil and gas sale agreements in Euro, US dollar and Yuan with some upper limits, that could effectively counter the dollar fall risks. Single currency reliance is definitely dangerous for the international trade reliant economies, and therefore contracts diversification is essential.
Most of the GCC currencies are already pegged on a fixed parity basis, with US Dollar for international trade settlements, and perhaps, there is no major upside in creating a GCC common currency. However in order to avoid risks associated with the fall (weakening) of US Dollar in future, the GCC countries can convert their long term oil and gas sale agreements in Euro, US dollar and Yuan with some upper limits, that could effectively counter the dollar fall risks. Single currency reliance is definitely dangerous for the international trade reliant economies, and therefore contracts diversification is essential.