Last Updated: Mon Mar 05, 2012 11:36 am (KSA) 08:36 am (GMT)

From Arab News: Greater GCC integration to play key role in economic arena

JEDDAH: “Gulf Cooperation Council (GCC) Consolidation: Analyzing the economics of greater GCC integration” was the theme accompanying yesterday’s afternoon session of the 2012 Jeddah Economic Forum (JEF).

Chief Economist of Dubai International Financial Centre Authority Nasser Saidi, chairman of Zamil Group Holding Company Abdulrahman Al-Zamil and Chairman of the Gulf Research Center Abdulaziz Sager tried to analyze and give their opinion on the necessary steps to achieve further integration between GCC countries and play a more effective role within the political and economical international arena.

The build up of transport links and infrastructures, financial markets integration, monetary union along with the foundation of a central bank and finally the prospect of a political union were identified as the main ingredients necessary to win the challenge of acquiring more voice in international affairs.

Saidi made relevant considerations regarding the need for GCC countries to give birth to a GCC central bank with various branches in the region, diversify their economies investing in research, renewable energies and nanotechnologies and adapt to the new direction of the world's economy. He also highlighted the Gulf's important role within the wider context of the region's fast changing political scenario.

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