Experts meet to deal with GCC crisis

Riyadh: The Executive Committee of the Federation of the Gulf Cooperation Council (GCC) Chambers of Commerce and Industry suggested a brainstorming session of about 50 prominent economists and financial experts to discuss the impact of the global financial crisis on the Gulf economy and to come out with a rescue package.

At a meeting in Jeddah on Wednesday, the participants unanimously came to the conclusion that the adverse impact of the global crisis would reach the burgeoning Gulf economy in general, and its business sector in particular.

As such, they suggested that the meeting be convened soon in one of the GCC states. The executive committee also decided to hold an international forum in one of the GCC States on November 9 and 10, on the occasion of the 30th anniversary of the formation of the federation of chambers.

Meanwhile, Abdul Rahim Taqi, secretary-general of the federation, said that the private sector in the GCC states should make a joint initiative to confront the current crisis with the active participation of the private sector.

He also drew attention to the proposal to establish a special department to tackle the financial crisis.