Dubai: The UAE has floated an initiative aimed at integrating securities markets of all member states of the Gulf Cooperation Council (GCC). The initiative, which will see the markets operating under the same policies and regulations was outlined in the statement of Sultan Bin Saeed Al Mansouri, Minister of Economy, during the first meeting of the Ministerial Committee of Chairmen of GCC Regulators Boards, which was held in Riyadh.
The meeting was held at the invitation of GCC Secretary General Abdul Rahman Al Attiyah who, at the beginning of his inaugural address, expressed deep condolences to President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, the UAE government and people, on the death of Shaikh Ahmad Bin Zayed Al Nahyan.
Al Mansouri, who is also board chairman of the Emirates Securities and Commodities Authority (ESCA), called for concerted and unified efforts and better coordination among the member states to overcome the repercussions of the global financial crisis.
"Undoubtedly, the global economic crisis has clearly taken its toll on a number of sectors in member states. Notable among these sectors is the securities market sector, being the mirror of the economy, due to its high sensitivity in reacting to any change in the general situation, economic or political. In view of this, the current situation demands from us better coordination, uniting our front and launching innovative initiatives, at a time when many institutions and corporate entities worldwide are doubling their steps towards forming alliances and blocs, even merging together to defeat the difficulties facing them. This means we are in a situation, today in which we need more actions than our need for words," Al Mansouri stated in his address, read on his behalf by Abdullah Salim Al Turaifi, Chief Executive Officer of the ESCA.
The initiative calls for a comprehensive strategy that would be implemented in stages, over a certain period of time. The strategy must have a permanent committee consisting of CEOs of the regulatory bodies of member states or those in their equivalent status.
The committee, which shall have to meet at least three times a year, will deliberate over issues and proposals referred to it by member countries.
