The creation of a single Gulf stock market would be a productive way of attracting more capital into the region while supporting the integration of the six monarchies, Director of Doha Securities Market Ghanem Al-Hammadi was recently quoted by the Gulf News as saying.
"Creation of a unified Gulf Cooperation Council (GCC) bourse capable of attracting funds on the local, regional and international levels should now be a priority, given the fact that most GCC countries have small stock markets which make them less competitive," Al-Hammadi asserted.
Heads of state from the GCC signed a customs and monetary union agreement December 31, in a bid to forge a weighty economic bloc. The accord advances the date for implementing a unified five percent customs tariff to January 2003, after a previous agreement had set the start date to 2005. A single currency system is scheduled to materialize in January 2010, confirmed the closing statement of the GCC’s annual summit held in Muscat, Oman.
The GCC customs union is expected to open the way for the long-awaited Free Trade Agreement (FTA) with the European Union (EU), the region's biggest trading partner. — (menareport.com)
© 2002 Mena Report (www.menareport.com )