Gulf | Oman
Gulf leaders to focus on economic crisis
The GCC summit is expected to go on as planned with a focus on the global economic crisis though Israel's attacks on Gaza will also be discussed, the host country said on Sunday.
- By Sunil K. Vaidya, Bureau Chief
- Published: 23:31 December 28, 2008
- Foreign ministers of the Gulf Cooperation Council prior to their deliberations in Muscat on Sunday.
- Image Credit: WAM
Muscat: The GCC summit is expected to go on as planned with a focus on the global economic crisis though Israel's attacks on Gaza will also be discussed, the host country said on Sunday.
"The most appropriate reply to the events under way in the Palestinian situation would be for the Palestinian brothers to close ranks by reaching understanding and national unity," Omani Information Minister Hamad Al Rashidi said.
He added: "It is up to the UN Security Council to apply pressure on Israel to stop the attacks," over the past two days.
The GCC Summit seemed under threat when Israel launched its airstrikes on the Hamas movement which has controlled the Gaza Strip since splitting with the Fatah organisation of Palestinian President Mahmoud Abbas.
However, Omani Foreign Minister Yousuf Bin Alawi said foreign ministers of the six GCC countries are likely to meet, with finance ministers also invited, to "put finishing touches to the agenda, including economic questions."
The official sessions of the summit are scheduled for today and tomorrow.
Saudi Foreign Minister Prince Saud Al Faisal said in Riyadh that Gulf foreign ministers meeting in Muscat would focus on "Israeli aggression" in the Gaza Strip, according to the official SPA news agency.
Riyadh is contacting neighbours and allies over "the blind use of force by Israel against the people under siege and occupation for more than 40 years," Prince Saud said.
The 29th GCC Summit, to be held in Muscat comes at a very sensitive and critical time - both economically as well as politically and Oman is seen as an ideal host to play a mediating role, believe analysts.
"For a long time the GCC Summit has not faced so many critical issues at once and the time has come to deal with them firmly," believes Awad Bakhuwair, the senior Omani political analyst with Oman Arabic daily.
He told Gulf News falling oil prices, the global economic recession, inflation, piracy in the Gulf of Aden, and situation in Palestine were some of the critical issues that the six GCC leaders will have to ponder upon when they meet for two days from today.
However, in his opinion the GCC bloc was not in a position to change the course of any of the issues.
"We cannot stop Israelis from committing such atrocities in Palestine nor can we arrest the falling oil prices," Bakhuwair said despondently.
He hoped that the leaders will decide on the common currency although Oman has pulled out if. "I think a decision would be taken on common GCC currency," he hoped.
Bakhuwair said that Oman has shown openness in agreeing for deciding on the common currency while hosting the summit although they have pulled out of the Monetary Union.
Sensitive time
Another senior Omani political analyst and television journalist believes that the summit comes at a very sensitive time.
"We Arabs have to raise our voice in the UN and stop listening to what the West or US has to say on various issues, including the Palestinian cause," Ahmad Al Hooti said emphatically.
He said besides the Palestinian issue the GCC leaders could also discuss the escalating situation between India and Pakistan. "We don't need this war and GCC leaders can use their influence with the subcontinental neighbours," reckons Al Hooti.
An economic expert in Oman feels that economic issues will dominate this summit. "The leaders have to deal with the falling oil prices, growing inflation, market meltdown and economic recession, there are one too many economic issues that the leaders will have to deal with in two days," he feels.
He also pointed out that due to the economic downturn the private sector projects will slow down and they will impact the employment market.
"The GCC nationals will also lose jobs in private sector due to the bad economic situation and they will have to think about creating some sort of mechanism to tackle this problem," Haider said, agreeing that the governments in the six GCC states have enough reserves to sustain the projects and keep employment in government sector going.
- With inputs from AFP
Slowdown will not affect work
Muscat: The 29th GCC Summit will be different from the previous summits in terms of the strong presence of the economic issues on the agenda, said Yousuf Bin Alawi Bin Abdullah, Minster Responsible for Foreign Affairs.
The Omani minister also said that despite the global economic slowdown the development work in the GCC region will not slow down.
"The crisis is mainly a lack of money supply therefore it will not hinder the GCC from going ahead with their development projects," he said in an interview with the Omani Arabic daily Al Watan.
"The impact of the global financial crisis on the GCC countries is considered the lowest compared to the rest of the world," he added.
He also stressed that the GCC leaders have done a lot also in terms of providing their subjects with welfare and prosperity.
"The GCC countries' achievements in terms of education, health, infrastructure and human resources development are impressive," Alawi reiterated.
He emphasised that Oman was not a stumbling bloc in the way of the Monetary Union.
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