The Gulf Monetary Council (GMCO) decided to assign Dr. Khaled Mohammad Al saad as the CEO of the council. The council, based in Riyadh, was established upon a monetary union pact signed by each of Qatar, Bahrain, Saudi Arabia, and Kuwait. Since its debut in 2010, the council had an the executive body that was headed by a group of Governors of Monetary Agencies and Central Banks of the Member States of the Monetary Union. Al Saad has been previously assigned as the secertary general in Kuwait University and an executive director for the International Bank in Washington.