Dubai’s success in diversifying the economy through the use of oil revenue in the earlier days of the economic development

This article describes Dubai’s success in diversifying the economy through the use of oil revenue in the earlier days of the economic development. If other GCC countries follows this model the regional economy can be amongst the top 6 economies globally. in your opinion is this an option to form a regional economy, with one currency?
http://gulfnews.com/business/opinion/learning-how-to-utilise-oil-revenues-1.1126707