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 shoots down ballistic missile fired by Houthi terrorists

Updated 18 August 2018
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Saudi Arabia shoots down ballistic missile fired by Houthi terrorists

JEDDAH: Saudi Arabia’s air defense forces intercepted a ballistic missile fired by Houthi militia toward the southern city of Najran.

The attack is the latest in a series of missile launches targeting densely populated residential areas of Saudi Arabia, including Jazan and Najran, close to the border with Yemen.

Saudi-led Arab coalition’s spokesman, Col. Turki Al-Maliki, said that Saudi aerial defense forces intercepted a missile launched by the Iran-backed militia.

Al-Maliki said that the missile targeted Najran and was aimed at civilian populated areas, but the defense forces were able to intercept and destroy the projectile without any casualties.

The spokesperson added that “this hostile action by the Houthi militia proves the Iranian regime’s continued involvement in supporting the rebels with qualitative capabilities in clear and explicit defiance of UN resolution 2216 and 2231 aimed at safeguarding Saudi Arabia’s security and any regional and international threats.”