Gulf Arab finance ministers have finalised a draft for a monetary union agreement set to be approved by a regional summit in Oman on Tuesday, Kuwait's finance minister said.

'The meeting of the Gulf finance minister has referred the the monetary union proposal in its final version to the leaders for their approval so that the agreement can be enacted by December 12, 2009,' the official Kuwait news agency said citing Mustapha Al-Shamali.

Gulf Arab leaders opened a two-day economic summit on Monday. The main economic item on the agenda was the approval of a long-planned pact that could take them closer to issuing a single currency before a self-imposed 2010 deadline for monetary union.-Reuters