Hope floats for integration at meeting

Riyadh: A number of leading Saudi economists and business leaders expressed hope that the GCC summit would accelerate the economic integration of the six Gulf states.

Speaking to Gulf News, they said that the summit would bring about a number of positive results in strengthening the Gulf economy and enhancing cooperation.

The summit carries considerable significance in the wake of successful efforts by the GCC states to mitigate the fallout of the global meltdown.

"The summit will witness the birth of the GCC monetary union and important declaration with regard to the launching of the Gulf single currency.

"Formal inauguration of the first phase of the GCC power grid will also be made during the summit," they said.

The power grid's first phase covers Bahrain, Saudi Arabia, Qatar and Kuwait.

The second phase covers Oman and the UAE, while the third and final phase links all member states.

Weathering impact

Khalid Al Jowhar, prominent Saudi businessman and managing director of the Al Jawhar Financial Consultancy Center in Riyadh, told Gulf News that the economic dossier will dominate the summit's agenda, especially the measures being taken to weather the impact of the global financial crisis amid latest developments in Dubai with the restructuring of Dubai World.

"The Kuwait summit will also discuss the Saudi vision presented by King Abdullah Bin Abdul Aziz at the Riyadh summit held in May this year, aimed at further boosting Gulf joint work, reaching new heights of strategic partnership," he said.

On his part, leading Saudi investor Abdul Aziz Al Jaser, chairman of the Arabian Oud Company, said that the Kuwait summit would make landmark decisions as far as the economic integration of the six member states, especially the single currency and power grid, is concerned.

Muneef Al Shamri, an economic researcher, underlined the need to take bold steps to speed up economic integration with the single currency and other steps so that the GCC can tap its full potential as a significant economic bloc in the world.

On the other hand, Mohammad Al Habout, a prominent businessman, said that rising inflation in the member states stood in the way of realising the GCC single currency in the recent past.

"However, now inflation is decreasing and bold steps toward the single currency will further reduce inflation and spur the economic growth of the GCC states," he said.