Business | Construction
Feasibility study on GCC railway nears completion
A feasibility study on construction of a railway network between the six Gulf Cooperation Council (GCC) states is nearing completion, according to Abdulrahman Bin Hamad Al Attiyah, Secretary-General of the Gulf Cooperation Council.
- By Sunil K. Vaidya, Bureau Chief
- Published: 22:03 November 26, 2008
Muscat: A feasibility study on construction of a railway network between the six Gulf Cooperation Council (GCC) states is nearing completion, according to Abdulrahman Bin Hamad Al Attiyah, Secretary-General of the Gulf Cooperation Council.
Talking to Gulf News on Wednesday about the outcome of the 78th meeting of the GCC Ministers of Finance and Economy held at the Al Bustan Palace Hotel, Al Attiyah said that only a few minor aspects of the feasibility study remained to be completed.
"Plans for the GCC railway project are well advanced and the leaders will examine the feasibility study during the GCC Summit to be held next month in Muscat," he said.
He added that the ministers had approved the agenda for the GCC monetary union and monetary council.
Responding to a question, the GCC Secretary General said that the GCC Central Bank proposal was under consideration and a formal announcement regarding the same would be made soon.
Yemen
Al Attiyah also said that Yemen's application to join three GCC organisations was also discussed. Yemen has applied to join the Gulf Standardisation and Measurement Organisation, the Gulf Organisation for the Industrial Council and Gulf TV and Radio organisation.
The GCC Finance and Economy Ministers meeting was held under the chairmanship of Ahmad Bin Abdul Nabi Macki, Oman's Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council.
In his opening speech, Macki highlighted the importance of the meeting and called for maximising efforts to enhance the performance of the council's ministerial committees.
Macki said that the ministers also discussed solutions to the problems facing the GCC Common Market and customs union.
"We need to eliminate the difficulties facing the trade, industry, planning, development and transportation sectors," he pointed out.
According to Mohammad Al Mazroui, Assistant Secretary General for Economic Affairs, the Finance and Economy Ministers had put a lot of work into the meeting to address the most important issues facing the GCC.
More from Construction
More from Business
Business Editor's choice
-
Saudi-Bahraini economic ties hit new high
Whilst press reports continue speculating on a possible new political structure defining ties between Saudi Arabia and Bahrain, facts on the ground confirm ever- stronger economic ties between the two neighbours
-
Cupid targets the Fed with early tweets
Declarations range from pure romance to cute overtures and racier fare
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
