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: A number of parents have complained about the lack of hygiene in schools, expressing fears about the potential spread of the MERS virus with the beginning of the new academic year. This comes in the backdrop of another death due to the deadly...
JEDDAH: Disputes over sharing of property or inheriting family business are common. But Dhahran has witnessed an unusual fight among four brothers — over donating kidney to their youngest brother.Coincidentally, all the brothers were found fit to don...
RIYADH: The Ministry of Justice has quashed rumors over the recent acquittal of a man who had been charged with rape-murder of his five-year-old daughter, warning that anybody trying to defame the judiciary will face strict action, local media report...
JEDDAH: A market in Jeddah offers used clothes and other items, including foodstuff, at throwaway prices. However, the deal may be fraught with risks as the foodstuff could be out of date and the clothes infested with microbes. “Many of the items, es...
JEDDAH: A number of visually impaired citizens are expecting candidates to address their problems and make life easier for them after winning the Dec. 12 municipal elections.A section of these voters have also sought special programs so that they can...
RIYADH: The Ministry of Interior recently launched a series of training programs to upgrade the efficiency of its female staff as a new step to empower women and give them an opportunity to shine in security-related fields.Maha Frehi, the manager of...

Stay Connected

Facebook