The Gulf States would study the revaluation of their dollar-pegged currencies at some stage, Qatar's finance minister said.

All the GCC countries would have to agree together on any change, but this will not happen any time soon, the minister added, noting that Qatar is committed to keeping its dollar-pegged riyal.

On the other hand, Qatar said it is planning to build cheap homes, control building material prices and provide virtually free land to a government firm to put a limit on housing costs, which pushed inflation to a record high last year.

Living costs in Qatar increased 29% in a year until September 30, which raised inflation to 13.73%, after it reached a record of 14.81% last March.

Qatar would sell bonds to absorb liquidity and reduce the maximum limit on rents to curb inflation, the country’s Finance Minister said.

A law passed in 2006, allowing investors from outside Qatar and the rest GCC countries to lease property for 99 years, has also contributed to rising prices.

Rent for a four-bedroom villa surged to $53,000 a year from $25,000 in 2005, the real estate consultant firm CB Richard Ellis said.

Elaph, London, January 21, 2008 - Maktoob, Jordan, January 22, 2008