GCC financial market institute proposed

Updated 15 August 2013
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GCC financial market institute proposed

The General Secretariat of GCC countries is considering a proposal submitted by the United Arab Emirates to establish a training institute specializing in financial market operations prior to the formal launch of the GCC common market.
Another proposal by Kuwait to establish an information and data center for financial markets will be reconsidered by the General Secretariat. The center will be headquartered in Kuwait.
Chairman of the organizers of financial markets committee has emphasized the importance of submitting regular reports to the secretariat on the application of unified rules concerning the listing of financial instruments, as well as suggestions for improving and developing them, according to forms prepared by the team of listing, disclosure and governance.
The proposal by the UAE suggested that the General Secretariat be included as a strategic partner while delivering services of the training institute to all organizers of the financial markets. The institute will be the foundation for the establishment of another institute which will be dedicated to development of staff specializing in the supervision of financial markets.
Sources told local media that the ministerial committee agreed to form a team comprising experts in training and studies. Members of the team will be sent to the organizers of the financial markets for selection process, and for proposing necessary mechanisms for cooperation and integration of institutions working in the financial field.
Regarding Kuwait’s proposal for the establishment of an information and data center for financial markets, the ministerial committee decided that a study needs to be conducted on best global practices in establishing such a center.


Saudi Arabia’s air defense intercepts Houthi ballistic missile fired towards Jazan

Updated 20 April 2018
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Saudi Arabia’s air defense intercepts Houthi ballistic missile fired towards Jazan

  • Earlier this week, Saudi air defenses shot down a previous ballistic missile attack by the Houthis
  • The incident happened hours after the coalition warned of a “painful” response if the Houthis mounted new attacks on Saudi Arabia

Saudi air defense forces managed to intercept a ballistic missile fired by Houthi militias from Yemen headed in the direction of Saudi Arabia’s border province of Jazan on Friday.

Earlier this week, Saudi air defenses shot down a previous ballistic missile attack by the Houthis.

Colonel Turki Al-Maliki, the coalition's spokesman, said the missile was monitored by the Saudi Air Force to have been launched from Yemen's Amran province at 10:16 p.m. Monday toward populated areas in the southern Saudi province of Najran.

The missile was intercepted before it could hit its target, Al-Maliki said.

The incident happened hours after the coalition warned of a “painful” response if the Houthis mounted new attacks on Saudi Arabia using what it said were Iran-supplied drones.

So far, the Houthis have launched over 100 missiles at Saudi cities and installations.