Al Hilal held to controversial 1-1 draw against Al Riyadh, missing chance to reclaim top spot    Al Hilal accuses SPL's Michael Emenalo of bias and SFF's Manuel Navarro of pressuring team to accept local referees Club criticizes officiating, calls for elite foreign referees in Saudi Pro League    Riyadh Metro records 18 million users in 75 days since launch; Blue Line the busiest route    NSG eyes satellite expansion to strengthen Saudi Arabia's space economy    Saudi, Italian interior ministers discuss countering drug trafficking    Exhibition in Riyadh marks 80th anniversary of historic Saudi-US meeting    EU Commission promises 'firm, immediate' reaction to US reciprocal tariffs    Jhon Duran's brace powers 10-man Al Nassr to thrilling 3-2 victory over Al Ahli    Saudi Arabia confirms alcohol ban for 2034 FIFA World Cup    Prince Badr holds bilateral meetings with Islamic ministers on the sidelines of ICESCO conference    Acting attorney in New York, five others quit after being told to drop Eric Adams case    Iran is rearming its missile program, Western sources say    Thousands of probationary employees fired as Trump administration directs widespread layoffs    NMC forecast: Thunderstorms will hit most Saudi regions until Monday    'Haram. Haram. Haram!' — Riyadh Air CEO slams lack of direct flights from Saudi Arabia to major global cities    Honda-Nissan multi-billion dollar merger collapses    Maya Diab joins Arab stars and celebrities in celebrating the Centrepoint Ramadan 2025 collection launch at Riyadh Boulevard    Oilatum tackles rise in Eczema and Dry Skin in Saudi Arabia    HONOR brings together AI and luxury with PORSCHE DESIGN HONOR Magic7 RSR at LEAP 2025    Chinese film stirs national pride, rakes in $1bn in days    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



GCC Plans Joint Stock Market
Published in Saudi Press Agency on 17 - 04 - 2005

The Arab Gulf Cooperation Council (GCC) held a meeting in Riyadh yesterday which is considered to be the first step toward establishing a joint stock market for GCC countries and a joint bonds market.
The meeting to discuss the preliminary results of a study on development of the financial markets of GCC by Mackenzie Consulting was opened by GCC Secretary-General Abdul Rahman Al-Attiya at the GCC headquarters here, according to a report published today by Arab News.
Dr. Abdul Aziz Al-Oaishek, director of the economic administration at the General Secretariat of the GCC, said: "It is the first meeting for negotiating, exchanging opinions and coordinating between the Gulf markets' rules and regulations." The goal is not necessarily to have one market but to unify the procedures and make the rules and regulations as comparable as possible.
The consulting company gave a presentation of a similar experience of small stock markets, as is the case with the Gulf stock markets, coordinating their markets and that is of the Scandinavian countries. "It is difficult to consolidate financial markets with each having its own mechanisms, so we are looking at complimentary procedures and rules," said Al-Oaishek.
The meeting was attended by the CEO of Gulf Investment Organization, members of the monetary union committee, presidents of the GCC financial markets, financial markets monitoring agents, financial market experts, and the consulting company's study team.
Members of the joint committee formed for this purpose by the Gulf Investment Organization and the General Secretariat of the GCC, also attended the meeting.
The study was commissioned by the economic and financial cooperation committee at the GCC to study ways of developing the market and the feasibility of establishing a joint stock market. This comes upon a directive by the Higher Council of the GCC to implement the points made at the recommendation document presented by Crown Prince Abdullah bin Abdul-Aziz, the Deputy Premier and Commander
of the National Guard at the Doha summit. The document pressed for reforms and ways of activating Gulf companies and developing them by encouraging competition and financially supporting the markets to make them more dynamic.
The Gulf countries are seeking to ease the procedures for Gulf investors to enter their stock markets.


Clic here to read the story from its source.