GCC leaders yesterday announced the launch of a pan-Gulf common market next month.

"It will enable GCC citizens to benefit from opportunities available in the economy and open wider space for common and foreign investments," said Secretary-General Abdulrahman Al Attiyah, at the end of the 28th GCC Summit in the Qatari capital.

The common market will cover all economic and investment services, dealings in the stock market and setting up of companies in the public and private sectors and also social insurance among GCC citizens.

The leaders also decided to stick to a 2010 date to launch their single currency.

"They have tasked the finance ministers and governors of central banks to continue working to reach convergence, and to present the results to the next summit which will be held in Oman," said Al Attiyah.

In a brief remark, the Qatari presidency of the summit welcomed Iranian President Mahmoud Ahmadinejad's proposals for the signing of a security pact and 12-point co-operation plan, including on free trade and joint investments in oil and gas.

"They will be examined by the GCC in a way to reinforce the relations of good neighbourliness and mutual respect ... and to contribute to strengthening security and stability in the region," it said.

President Ahmadinejad was the first Iranain president to attend a GCC summit.

Leaders also decided to keep pegging their currencies to the dollar, and not follow Kuw-ait's move to peg its dinar to a basket of currencies.