Business | Markets
Gulf bourses must amend laws, says Al Mansouri
Gulf countries need to amend laws that govern their bourses as the six nations pave the way for economic integration, the UAE Economy Minister said.
- Reuters
- Published: 23:41 March 11, 2008
Abu Dhabi : Gulf countries need to amend laws that govern their bourses as the six nations pave the way for economic integration, the UAE Economy Minister said.
"We have to work together to unify legislation in our bourses to achieve the aspired merger that would complement the economic integration of our econ-omies," Sultan Bin Saeed Al Mansouri told the third Gulf Stock Market Forum late on Monday.
"What we need to do is to develop our stock markets, revise our existing laws by separating the legislative and executive regulations in the markets."
Gulf nations apart from Oman plan to have set a 2010 target for their monetary union.
Al Mansouri, who is also the Chairman of the Securities and Commodities Authority, said Gulf markets need to increase investor awareness, expand investment instruments and combat speculation. "All this is needed to ensure mature markets," he added.
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