Ex­perts call for speedy es­tab­lish­ment of GCC bourse

Slove­nia praised for host­ing con­fer­ence

Kuwait Times - - LOCAL -

KUWAIT: Eco­nomic ex­perts have called for es­tab­lish­ing hastily a com­mon GCC bourse say­ing it is nec­es­sary to cope with ‘fu­ture chal­lenges’ and com­plete eco­nomic merger of the Coun­cil’s mem­ber states. The ex­perts pro­pose al­lot­ting $1 tril­lion as mar­ket value of the as­pired stock ex­change and en­act­ing leg­is­la­tions and rules for the com­mon bourse.

Mo­ham­mad Zainal, Chair­man and Man­ag­ing Di­rec­tor of Arzan Fi­nan­cial Group, ex­pressed his be­lief that such a mar­ket could at­tract high fi­nan­cial liq­uid­ity and lure for­eign in­vestors as well as fam­ily com­pa­nies, thus boost­ing con­fi­dence in the GCC econ­omy.

Mo­ham­mad Al-Naqi, Chair­man of the Kuwaiti In­dus­tries Com­pany, said the pro­posed stock ex­change would en­hance the Gulf econ­omy, namely the com­pa­nies with high credit sta­tus; namely the banks, com­mu­ni­ca­tion and lo­gis­tics’ com­pa­nies.

Salah Al-Sul­tan, ad­vi­sor at Arzaq Cap­i­tal, agreed that such a mar­ket should be formed quickly for it would fur­nish traders with bet­ter op­por­tu­ni­ties to trade in di­verse stocks, “as well as open­ing new hori­zons for com­pa­nies op­er­at­ing in fea­si­ble sec­tors namely tourism and tech­nol­ogy.” It can also play a key role in na­tion­al­iz­ing in­vest­ments and lur­ing for­eign en­ter­prises. Maitham Al-Shakhs, the for­mer CEO of Al-Arabi Bro­ker­age Com­pany, said such a project would re­quire law en­force­ment, meth­ods of ar­bi­tra­tion and spec­i­fy­ing fi­nanc­ing rules.

Di­rec­tor Gen­eral of the Mina Fi­nan­cial and Eco­nomic Con­sul­ta­tion Com­pany Ad­nan Al-Du­laimi said set­ting up such a mar­ket serves the GCC lead­ers’ ob­jec­tive of boost­ing mu­tual eco­nomic co­op­er­a­tion among the mem­ber coun­tries of the coun­cil. For his part, Mo­ham­mad Al-Tar­rah of the Traders So­ci­ety ad­vised the in­vestors to wait for es­tab­lish­ing this mar­ket so they could have ac­cess to stocks of Gulf com­pa­nies.

GCC-Slove­nian Con­fer­ence

Separately, GCC Sec­re­tary­Gen­eral Ab­dul­latif Al-Zayani praised the Slove­nian For­eign Min­istry’s ini­tia­tive in or­ga­niz­ing the first-ever GCC-Slove­nian Con­fer­ence. Al-Zayani made this re­marks in a state­ment at the con­clu­sion of the GCC-Slove­nian Con­fer­ence that ended this week­end in Ljubljana, Slove­nia, stress­ing the keen­ness of both sides to de­velop bi­lat­eral re­la­tions in the fu­ture.

In a short pe­riod of time, Slove­nia was able to achieve sig­nif­i­cant and tan­gi­ble achieve­ments in build­ing a modern state and to join the Euro­pean Union in 2004, the GCC Chief added. He pointed out that the con­fer­ence tack­led im­por­tant is­sues in­clud­ing the na­tional vi­sions for de­vel­op­ment, cli­mate change and re­new­able en­ergy sources, and in­ter­na­tional de­vel­op­ment co­op­er­a­tion.

Mean­while, State Sec­re­tary Darja Bav­daz Kuret praised the Kuwaiti-Slove­nian talks, adding that both sides dis­cussed ways to pro­vide solid grounds for the two na­tions to pur­sue more co­op­er­a­tion in the near fu­ture.

A high-level Kuwaiti del­e­ga­tion headed by Kuwait’s As­sis­tant For­eign Min­is­ter for GCC Af­fairs Am­bas­sador Nasser Al-Mezyen, com­prises Kuwait’s Am­bas­sador to Aus­tria and per­ma­nent en­voy to in­ter­na­tional or­ga­ni­za­tions Sadiq Marafie and rep­re­sen­ta­tive of Kuwait Fund for Arab Eco­nomic De­vel­op­ment (KFAED) Sheikh Ah­mad Ali Al-Sabah and other diplo­mats.

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