Banking and Current Affairs GK Test 15

The six-member Gulf Cooperation Council (GCC) plans to launch a Gulf Monetary Union and single currency in 2010. Which of the following statements are correct?
I.          Qatar and Bahrain are the two countries in GCC that have declined to join the proposed Monetary Union
II.         UAE, Oman, Kuwait and Saudi Arabia are the four GCC member countries who will form the proposed Monetary Union
III.        Saudi Arabia's capital Riyadh will be the location of the central bank of the Monetary Union