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DIFC Urges Increased Financial Cohesion Amongst Gulf Countries,
by Lorys Charalambous, Tax-News.com, Cyprus
Monday, May 11, 2009
Officials from the Dubai International Financial Centre have urged the introduction of uniform legal and financial frameworks and of a common payment system in light of the imminent GCC Common Currency. The DIFC in particular has urged cohesion between the UAE and Saudi Arabia - the two largest economies of the Gulf. The DIFC statement states that 'a consolidated approach between the nations of the Gulf will allow them to maximize emerging opportunities around the world and in the region.'
The DIFC Authority CEO Nasser Al Shaali, speaking recently at a seminar on the subject said: “You, who are here today to represent policy makers, business leaders and some of the biggest names in the regional investment community, you have the ability and the authority to strengthen ties at an institutional level between the Kingdom of Saudi Arabia and the UAE, promote greater links between our banking and financial services industry, and facilitate greater investment ties and capital flows."
“In Abu Dhabi and in Riyadh, 28 years ago, our leaders dreamed of formulating common regulations in various fields such as economy, finance, trade, customs, tourism, legislation and administration. They envisioned joint ventures, increasing cooperation among the public and private sector, strengthening of ties between their peoples; and establishing a common currency."
He pointed out that the results have not been as satisfactory as had been envisioned. “Our brotherly nations have not integrated their administration, their services, their systems, and their financial and legal frameworks. Money, goods and services and human capital does not flow smoothly across the GCC wherever there is need and opportunity for it. As members of the same family we have not combined our comparative advantages to tap into opportunities that seem impossible to individual states, but easy when approached as a bloc.”
He referred to the estimated more than USD1 trillion in Arab funds parked overseas and the fact that the GCC accounts for marginal inflows of global FDI as prime examples of delay in creating opportunities.
The DIFC Authority CEO said the current global crisis is an opportunity that the GCC can utilise to create integrated systems and frameworks and common, unified and standard platforms – a true economic and financial bloc that can navigate with strength in the global economy and financial flows.
Dr. Nasser Saidi, DIFC Authority Chief Economist, speaking about Opportunities for Economic & Financial Integration between the Kingdom of Saudi Arabia (KSA) & UAE, pointed out that the imminent launch of the Gulf Common Currency reinforces the need for investments in financial infrastructure -- both legal and regulatory. “We need to rapidly move towards an integration of the financial markets and payment systems in KSA and the GCC, which are the core economies of the GCC. Financial markets in GCC can become an 'engine of growth', by financing and supporting the massive investment required in networks (power, transport, telecommunications, oil and gas), by developing the capacity to invest, manage & control region’s financial wealth of more than USD2 trillion invested abroad, and by enabling & supporting economic and financial reforms. The Kingdom of Saudi Arabia and the UAE are natural allies and partners in moving to greater financial market integration to support regional economic integration, the GCC Common Market and Gulf Monetary Union.”
Other subjects covered at the conference included banking services and capital markets for GCC, local and international regulatory developments, linkages between UAE and KSA capital markets, development of financial markets in KSA and opportunities in foreign investments, and providing a transparent platform for crude pricing in the Middle East and Asia.
Howard Handy, Chief Economist of Saudi American Bank (Samba), also speaking at the seminar stated: “Saudi Arabia’s economy has not escaped the ongoing global financial crisis and severe recession, given its openness to world trade and financial flows and its pivotal importance as the world’s leading oil exporter. Oil production has been cut back sharply in an effort to stabilize global prices, and access to global capital markets for project financing has been abruptly curtailed as a result of the de-leveraging by financial institutions in major capital markets. However, Saudi Arabia is exceptionally well positioned to withstand these shocks. This follows first, from its impressive progress on structural reform, which has propelled the Kingdom to being designated by the World Bank as one of the world’s best countries in which to do business; and second, from its solid financial balances -- large stock of foreign assets and strong fiscal position, which are enabling the government to play a powerful anti-cyclical role during the current downturn.”
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