GCC forum urges partial central bank deregulation


The call, which was made during the Investment Potential Forum, is mainly intended to buttress the management of systematic risks and to boost borrowing to the public sector.

GCC Chief Abdulrahman Al-Attiyah said, in a speech delivered on his behalf by his assistant for economic affairs Mohamed Al-Mazroui, the GCC, having been aware of economic changes, had adopted strategic economic projects, including a free trade zone, a customs union, a common Gulf market and, in a later phase, a monetary union and a single Gulf currency.

International investment has become a fresh weapon used by countries to notch up their strategic goals in different world countries, he said.

Given new regional and international economic changes and developments, a regional authority or center involving a galaxy of Gulf strategists need to be established to predict and respond to potential economic crises.

For his part, Kuwaiti Global Investment House CEO Bader Al-Sumait said in a working paper during the gathering that the reality of investment in the region is better than that in many other countries.

As a result of the global financial meltdown, the GCC member countries’ investment banks concluded 72 amalgamation deals in 2008 worth USD 6.5 billion against USD 14.3 billion in the previous year, he said.

During the two-day forum, which kicked off last night, the conferees are reflecting on the future of Gulf investment amid the world economic downturn, with over 500 Gulf economists and experts attending.


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