UAE hosts 91st GCC Financial and Economic Committee Meeting in Abu Dhabi

The UAE held the 91^st GCC Financial and Economic Committee Meeting, which was headed by HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance. The event was held at the Emirates Palace Hotel in Abu Dhabi today to discuss the latest economic developments pertaining to the region and on a global scale, as well as the direct effects they present on GCC countries.

A meeting between the GCC Financial and Economic Committee and the GCC Committee of Governors of the Central Banks and Monetary Agencies was also held at the sidelines of the 91^st  meeting which was attended by GCC Ministers of Finance, HE Dr. Abdullatif bin Rashid Al-Zayani, GCC Secretary-General, Nemat Shafik, International Monetary Fund (IMF) Deputy Managing Director, and GCC central bank and monetary agency governors.

During his opening speech for the 91^st meeting, HH Sheikh Hamdan bin Rashid Al Maktoum offered his condolences to the Custodian of the Two Holy Mosques HRH King Abdullah Ibn Abdul Aziz Al Saud, and the people of the Kingdom of Saudi Arabia, on the passing of Crown Prince of Saudi Arabia, HRH Prince Sultan Bin Salman Bin Abdulaziz Al-Saud.

HH Sheikh Hamdan bin Rashid Al Maktoum went on to welcoming their Excellencies the GCC Ministers of Finance and their accompanying delegations, thanking them for their attendance. HH Al Maktoum indicated that GCC states played a key role in achieving stability for the global financial system through applying long-term investments for sovereign funds. GCC states also play a vital role in oil and gas markets, where they own more than 70% of OPEC’s crude oil and expressed the GCC countries’ willingness to support global markets to achieve stability for international oil prices and the global economy.

“The UAE had proposed an initiative to create a new development agenda with social and economic elements for Arab countries on September 7, 2011, which will be further discussed in Marrakesh in 2012. The initiative reflects the UAE’s commitment towards Arab development and to partnerships with international and regional institutions, and donor countries,” HH Al Maktoum added.

HE Dr. Abdullatif bin Rashid Al-Zayani, GCC Secretary-General also offered his deepest condolences to the Custodian of the Two Holy Mosques HRH King Abdullah Ibn Abdul Aziz Al Saud, the Saudi Royal Family and the people of the Kingdom of Saudi Arabia, on the passing of Crown Prince of Saudi Arabia, HRH Prince Sultan Bin Salman Bin Abdulaziz Al-Saud.

In his opening speech, HE Al-Zayani said: “The important economic achievements that GCC states have witnessed were a direct result of the directives and visions of Their Highnesses the GCC leaders, and due to the efforts of Their Excellencies, which have received global recognition. International organizations and economic blocs now look towards GCC states as an effective bloc that is influential in the global economy.”

The 91^st GCC Financial and Economic Committee Meeting resulted in a number of recommendations pertaining to the finalizing of the GCC Customs Union and the work progress of the team tasked with participating in discussions with the European Union and other states and financial groups.  Participants agreed on coordinating efforts between the UAE and the Sultanate of Oman regarding the electronic certificate of origin initiative. Participants discussed the amendment of Article 36 of the Statute for the Economic Judicial Authority and agreed to raise the Statute to the GCC Supreme Council in its 32^nd   session to be implemented. The committee also decided to prepare a case study for the establishment of the GCC railway authority, and to support the GCC Supreme Council’s transportation department by providing specialized employees and to finalize detailed designs for the project by 2012.