The move will give the hyper-rich club of oil exporters a petro-currency of their own

Gulf petro-powers to launch currency in latest threat to dollar hegemony

The Arab states of the Gulf region have agreed to launch a single currency modelled on the euro, hoping to blaze a trail towards a pan-Arab monetary union swelling to the ancient borders of the Ummayad Caliphate.

By Ambrose Evans-Pritchard
Published: 7:12PM GMT 15 Dec 2009

“The Gulf monetary union pact has come into effect,â€