Gulf leaders have chosen the Saudi capital, Riyadh, as the headquarters for their common central bank, the GCC secretary-general said after a meeting on Tuesday.

Abdul-Rahman Al-Attiyah also said no decision had been reached on when the single currency would be launched.

'An agreement was reached on the headquarters of the monetary council that it should be in the city of Riyadh,' he told a press briefing.

Establishing a central bank for the grouping is seen as paving the way for the launch a common GCC currency, scheduled for 2010. -Reuters