The UAE, the second-largest Arab economy, dealt a serious blow to the union by pulling out in May in protest at the decision to locate any joint central bank in Saudi Arabia.
Kuwait’s finance chief has said bringing the UAE and Oman back was on its wishlist for its forthcoming presidency of the GCC.
The UAE’s pullout, which came three years after Oman’s, has shaken the project as the world’s third-largest oil exporter and key Middle East business hub accounts for a quarter of the region’s gross domestic product.
However, the UAE is unlikely to announce a comeback at the closed-door summit in Kuwait from December 14-16, but it may reconsider the decision in the coming months, analysts say.
A source close to the matter did not expect to see the UAE’s decision reversed at the summit, and Kuwait said the location of the joint central bank would not be reviewed.
The Gulf rulers will use the meeting to decide the authority and shape of the joint monetary council and the willingness of the Saudis to offer concessions for key positions would be key in an attempt to lure the UAE back in the future, analysts said.