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GCC Single Currency to be discussed at GCC

posted on 24/11/2005: 725 views

The potential costs and benefits of the monetary union and its impact on the region will be discussed in detail during the 4th GCC Economic Forum to take place on the 17th and 21st of December, 2005 at the Burj Al Arab, Dubai. The forum is being organized by Datamatix Group and sponsored by Kuwait Privatization Project Holding Company.

Just one of the issues that will be dealt with at the summit is the issue of a GCC common currency. Key economists and leaders will discuss the lessons that the GCC can learn from the Euro and how to face the challenges of implementing a monetary union across states that have different economies, policies and cultural identities. The crucial issue of whether to peg the upcoming common currency to the dollar or the strengthening euro or to keep it floating will also be discussed in detail.

Amongst the other issues to be discussed are the future of the banking and financial sector, education, employment and women empowerment in the region, creating competitive edge in GCC government organizations through leadership, ensuring quality by re-engineering government processes, GCC real estate, stock markets, attracting FDI, the future of GCC small and medium enterprises, and much Speaking about the conference, Ali Al Kamali, Managing Director, Datamatix.

Prominent economists, CEOs, COOs, CIOs, CFOs, presidents, senior government officials and policy planners, ministers, business leaders, academicians and researchers with a stake in the future growth of the GCC economy are expected join the forum.

Since talks for a monetary union in the GCC began in 1990, the time table has been set for implementing the common GCC currency by 2010 at the latest. This common currency will have multiple affects on the regions economy - some good and some bad. In addition to presenting a united front to the rest of the world, a single GCC currency could increase transparency and competition, and facilitate business planning and investment decisions. (The Emirates News Agency, WAM)


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