Oman became the first state to pull out of the union, in 2006, and the UAE, in 2009, the second and so far last state to withdraw from this tentative agreement to create a single Gulf currency. Originally slated for adoption in 2010, Nasser al-Kaud, deputy assistant general for economic affairs at the GCC, admitted on March 24, 2009, that this deadline for establishment of the monetary union would not be met on time due to the financial crisis and a lack of sufficient cooperation between the GCC member states. In 2010, it was believed that a GCC common currency between the four states of Saudi Arabia, Kuwait, Bahrain and Qatar could proceed for a number of reasons, including:  However, as of 2019, no significant developments had been announced.