Riyadh  - Leaders of the Gulf Cooperation Council (GCC) countries chose the Saudi capital of Riyadh to be the headquarters for their regional central bank, the GCC secretary-general said on Tuesday.

"An agreement was reached on the headquarters of the monetary council that it should be in the city of Riyadh," Abdul-Rahman al- Attiyah told a press conference after the meeting of GCC leaders.

He added that details of the agreement would be released later and that no timetable had been scheduled for monetary union.

Selecting the bank's headquarters is a step towards the region's plan that includes a unified currency, targeted to go into effect in 2010. Several GCC officials have expressed doubt the deadline will be met.

Al-Attiyah said the kingdom was chosen because it is the only Arab and Middle Eastern member in the G20. The country also has approximately one-fifth of the world's oil reserves and is the largest oil producer of the Organization of the Petroleum Exporting Countries (OPEC). (dpa)