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GCC seeks to link stock markets

posted on 09/05/2005: 785 views

The Gulf countries are studying ways to integrate their stock markets in order to remove restrictions on cross-border transactions, a senior GCC official said here yesterday, according to a Gulf News report from Manama. The six Gulf Cooperation Council states are currently studying two options to integrate their bourses. The options were recommended by "an international consultant group," according to Mohammed Obaid Al Mazrou'ie, assistant secretary-general of the GCC for economic affairs.

"One option is to merge the stock markets into a regional bourse," he said following a meeting in Manama yesterday of the six finance ministers. "The second option is to unify the rules and regulations by which the markets do business to make it possible for the citizens of each state to deal in stocks under the same rules," he added.

He said a decision is expected to be taken by the ministers at a meeting scheduled for October. The recommendation will then be forwarded to the summit of the GCC leaders, which will take place in Abu Dhabi in December. The ministers yesterday also discussed the progress of other joint issues, particularly the Monetary Union and the common market.

The Monetary Union is expected to become a reality in 2010 and the common market is to be established in 2007. Delegates at the meeting did not rule out the possibility of implementing the Monetary Union ahead of the target date. (The Emirates News Agency, WAM)


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