DUBAI // Gulf Arab oil producers hope to restore momentum to a monetary union plan at meetings next week in Saudi Arabia as the single currency project with a 2010 deadline falls increasingly out of reach. The following is a timeline of selected events leading up to the creation of a monetary union in the world's biggest oil-exporting region, where most states peg their currencies to the dollar and face record or near-record inflation. 1982 - Gulf states ratify an agreement "to coordinate their financial, monetary and banking policies ... including an endeavour to establish a joint currency". Dec 2001 - Gulf Arab rulers agree to draw up legislation for monetary union by 2005 and launch a single currency by 2010. The oil producers agree to peg their currencies to the dollar until achieving monetary union. Jan 2002 - Gulf states agree to reduce the unified customs tariffs to 5 percent on all imported goods by Jan. 1, 2003 as part of a Gulf Cooperation Council (GCC) customs union. Oct 2002 - Gulf states say they are seeking advice from the European Central Bank on their monetary union programme. Dec 2002 - Gulf rulers agree to complete a common market by the end of 2007. Jan 2003 - Kuwait re-pegs its dinar to the dollar from a basket of currencies in preparation for monetary union. April 2003 - The United Arab Emirates finance minister says a single Gulf currency is likely in 2007, three years ahead of schedule. Aug 2004 - Gulf states should agree on the name of the single currency, its specifications and the mechanisms to put it into circulation by 2007, the GCC General Secretariat says. Aug 2004 - The GCC Supreme Council is studying the possibility of setting up a common central bank by mid-2006, the General Secretariat says. May 2005 - Gulf states have made only "modest progress" toward the single currency, says Kuwait's central bank governor. Feb 2006 - Gulf states are expected to agree on a joint monetary council by the end of the year to help harmonise monetary and fiscal policies, says the GCC General Secretariat. May 2006 - Kuwait allows dinar to rise by 1 percent. Sept 2006 - UAE central bank governor says single currency should be free-floating by 2015. Nov 2006 - Saudi Arabia's central bank governor says there were "reservations" about the 2010 deadline but that it was too early to talk about modifying it. Dec 2006 - Oman decides not to join monetary union by 2010 deadline, leaves door open for joining later. April 2007 - Saudi central bank governor calls 2010 deadline "very ambitious". May 2007 - Kuwait drops dollar peg, dealing another blow to monetary union. Sept 2007 - Gulf Arab central bankers agree to develop separate policies to tackle soaring inflation after failing to inject momentum into a plan for monetary union. The 2010 deadline would be "difficult" to meet, the Saudi central bank governor says. Dec 2007 - Gulf Arab rulers try to close ranks on currency policy and remain committed to a 2010 target date for monetary union, urging states to get it back on track. Feb 2008 - Oman's central bank governor says Oman has decided not to join the monetary union. April 2008 - Gulf central bankers agree on fresh impetus for efforts to create a single currency and resist pressure to revalue their currencies unilaterally to offset soaring inflation. June 2008 - Gulf central bankers finalise the draft monetary union agreement and plans to set up a monetary council that will form the first leg of a common central bank. They remain committed to the 2010 deadline, but Qatar's central bank governor says the deadline does not refer to the currency. June 24, 2008 - The Saudi central bank governor calls the 2010 deadline "a big challenge" and says Gulf states will reconsider it this autumn because rapid economic growth and soaring inflation were slowing it down. July 8, 2008 - Bahrain central bank governor calls 2010 deadline "difficult" but says it is unlikely to be revised until 2009. Aug 28, 2008 - UAE central bank governor says monetary union will be implemented in stages, and the first two could be completed by 2010. The dollar's rebound is giving Gulf states more reason to stick with their currency pegs, he says. Sept 8, 2008 - GCC deputy secretary-general says Gulf states are set to decide on location of regional central bank and could streamline ratification process for their monetary union agreement at meetings in September. * Reuters