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 female bikers ready to chart a new course

Updated 14 min 7 sec ago
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Saudi female bikers ready to chart a new course

  • Saudi Arabia’s female motorcyclists await clarification on licenses
  • The royal decree in September 2017 that gave women the right to drive in the Kingdom from June 2018 stipulated that the laws on driving would be equal for men and women

JEDDAH: Almost seven months since Saudi Arabia lifted its ban on female drivers, women hoping to be granted a license to ride a motorcycle are still waiting. According to Wael Huraib, founder of Bikers Skills Institute (BSI) — which he claims is the only motorcycle training school for female riders in the Kingdom — no motorbike licenses are currently being issued for women.
“For ladies, as of now, they’re not able to get a license yet, and we don’t really know why,” said Huraib. “We heard that women have received tractor-trailer licenses, but we know for a fact that no motorcycle license applications are being processed. We are assuming the traffic police are very focused on cars, but whatever the problem is, we hope it is resolved soon.”
The royal decree in September 2017 that gave women the right to drive in the Kingdom from June 2018 stipulated that the laws on driving would be equal for men and women. But it appears that is not yet the case, despite assurances from the Saudi Directorate of Traffic a year ago that women would be permitted to drive motorcycles and trucks.

Elena Bukaryeva, an instructor at BSI, said she suspects there is some confusion or miscommunication between the traffic police administration and the licensing division.
“My husband spoke to one of the highest-ranking traffic police officials in Riyadh,” she told Arab News. “He said that there was nothing at all to stop women being issued motorcycle licenses.
“But the following day, one of the ladies who finished our course went to the traffic police and she was told there are no motorcycle licenses for women, only for men. The same thing happened when I applied for my license and when other women did.”
The General Directorate of Traffic did not respond to Arab News’ request for comment.
Bukaryeva said that she has heard of women with licenses issued abroad riding motorcycles in the Kingdom, although added that they are “semi-disguised as men” when doing so.
“When you are wearing loose clothing and a full-face helmet, no one can tell if you are a man or a woman,” she said, adding that she has not tried it herself as her husband told her it was not worth the risk.
BSI began training female riders as soon as the driving ban was lifted.
The company has graduated 18 women so far, including Reem Al-Megbel, a 30-year-old Saudi financial operations manager.
Al-Megbel was at the motorcycle school on Wednesday evening to practice riding, because she cannot, yet, do so on the roads.
“My dream is to wake up one day and have a car and a motorcycle in my garage and be free to choose what to drive,” she said. “It would probably be the motorcycle.”
Al-Megbel added that her “ultimate” dream, though, would be to take a road trip across the Kingdom with a group of fellow female bikers.
“That,” she said, “would be freedom.”