GCC financial market institute proposed



RIYADH: ARAB NEWS

Published — Thursday 15 August 2013

Last update 15 August 2013 6:07 am

| نسخة PDF Print News | A A

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.

What's happening around Saudi Arabia

RIYADH: Three citizens, aged above 65, and a 32-year-old expatriate have died of Middle East Respiratory Syndrome (MERS) in Riyadh raising the death toll to 471 in Saudi Arabia since June 2012, the Ministry of Health said on Tuesday.It also reported...
JEDDAH: Five hospitals and health centers across the Kingdom have been ranked among the 10 top hospitals in the Arab World, according to the Webometrics Ranking of World Hospitals 2015 conducted by Cybermetrics Lab. King Faisal Specialist Hospital an...
RIYADH: The children of the martyrs and wounded soldiers will be given preference for jobs in the organization, KACST President Prince Turki bin Saud Bin Mohammad Al-Saud said Riyadh on Tuesday.On an initiative from the Ministry of Education, a two-d...
JEDDAH: The laboratory of Al-Amal Complex for Mental Health was recently ranked fifth in the RIQAS program for biochemistry out of 120 laboratories. It also came in sixth in the same program for the department of hematology among the 60 participants,...
RIYADH: Anticipating high temperatures during the Haj season, the Ministry of Health has made arrangements to install more equipment to treat heatstroke patients among pilgrims, Health Ministry spokesman Khaled Al-Mirghalani said following a meeting...
RIYADH: The National Water Company (NWC) has added a new feather to its cap by launching an e-branch (website www.nwc.com.sa) to serve the customers around the clock.The NWC, which aims to become the leading water utility in the Gulf that comes under...
DAMMAM: Traffic regulations in the Kingdom and many countries of the world dedicate the right lane of highways and roads to trucks as they are designed to carry heavy weights in contrast to the other lanes, which are allocated for lighter weight vehi...
RIYADH: The solar-power plant, “Layla,” in Aflaj province, will be opened shortly, Saleh Al-Awaji, chairman of Saudi Electricity Company (SEC), has said.The Saudi Electricity Company (SEC) is one of the signatories, along with King Abdulaziz City for...
RIYADH: The expanded facility for machine readable passports (MRPs) at the Embassy of Pakistan will help the mission process over 1,200 applications on daily basis. The new setup was inaugurated on Tuesday.Saudi Arabia hosts the largest Pakistan comm...
RIYADH: The Saudi Standards, Metrology and Quality Organization (SASO) has directed manufacturers and their agents in the Kingdom to strictly follow the safety regulations for the new cars to be marketed to the Kingdom beginning 2017.In a statement r...
RIYADH: The Ministry of Social Affairs recently honored 20 academically gifted orphans whom it had earlier sent to Japan for ten days to visit attractions that include cultural and educational institutions. Ministry of Social Affairs Undersecretary D...
JEDDAH: Prince Bandar bin Abdullah, member of the board of trustees of King Abdullah bin Abdul Aziz International Foundation for Humanitarian Action, spoke at the World Scout Jamboree in Japan. He expressed his gratitude and appreciation for the invi...
JEDDAH: The Ministry of Health has issued a circular to all health sector employees to ensure they sterilize their hands prior to dealing with patients.The circular, issued by Deputy Minister for Public Health Dr. Abdul Aziz Abdullah bin Saeed, is in...
JEDDAH: The Indonesian Consulate and community have been conducting their 70th Independence Day celebrations for the past three months by having different cultural and social activities. On Tuesday, the consulate arranged a blood donation camp with t...
JEDDAH: The Specialized Penal Court in Jeddah on Tuesday issued a preliminary verdict on the imprisonment of two Saudi suspects to 38 years.The first suspect was charged with firing on the police center in Awamiyah, Qatif Province, while the other wa...

Stay Connected

Facebook