Experts call for speedy establishment of GCC bourse
Slovenia praised for hosting conference
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.
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.