Gulf monetary-union plans in tatters as UAE quits

The United Arab Emirates (UAE), the second largest economy in the Gulf, on Wednesday withdrew from plans for a regional monetary union, causing further consternation for the beleaguered project.

The UAE's decision to quit the union comes little over a fortnight after it was decided that the headquarters for the regional monetary council, the precursor of the central bank, would be located in the Saudi Arabian capital Riyadh.

The UAE, keen for the central bank to be based on home turf, is thou

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