The United Arab Emirates has floated an initiative aimed at integrating securities markets of all member states of the Gulf Cooperation Council.
The initiative, which will see the markets operating under the same policies and regulations, was outlined in the statement made by Minister of Economy Sultan bin Saeed Al- Mansoori during the first meeting of the Ministerial Committee of chairmen of GCC regulators board held in Riyadh.
The UAE Minister, who is also the board chairman of the Emirates Securities and Commodities Authority, calledfor concerted efforts and better coordination among the member states to overcome the repercussions of the global financial crisis, UAE's official news agency Wam said.
"Undoubtedly,the global economic crisis has clearly taken its toll on a number of sectors in member states, notably among these sectors is the securities market sector, being the mirror of the economy, due to its high sensitivity in reacting to any change in the general situation, economic or political. This means, we are in a situation, today, in which we need more actions," Al-Mansoori said.
Theinitiative calls for a comprehensive strategy that would be implemented in stages, over a period of time.