Experts Call For Speedy Establishment of GCC Bourse

Experts have called for establishing hastily a common GCC bourse to attract high financial liquidity and lure foreign investors as well as family companies, thus boosting confidence in GCC economy.

Kuwait, 19 Rabiul Awwal 1438/19 December 2016 (MINA) – Economic experts have called for establishing hastily a common GCC bourse saying it is necessary to cope with “future challenges” and complete economic merger of the Council’s member states.

The experts, interviewed by KUNA, propose allotting USD one trillion as market value of the aspired stock exchange and enacting legislations and rules for the common bourse.

Mohammad Zainal, Chairman and Managing Director of Arzan Financial Group, expressed his belief that such a market could attract high financial liquidity and lure foreign investors as well as family companies, thus boosting confidence in the GCC economy.

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Mohammad Al-Naqi, Chairman of the Kuwaiti Industries Company, said the proposed stock exchange would enhance the Gulf economy, namely the companies with high credit status; namely the banks, communication and logistics’ companies.

Salah Al-Sultan, advisor at Arzaq Capital, agreed that such a market should be formed quickly for it would furnish traders with better opportunities to trade in diverse stocks, “as well as opening new horizons for companies operating in feasible sectors namely tourism and technology.”

It can also play a key role in nationalizing investments and luring foreign enterprises.

Maitham Al-Shakhs, the former CEO of Al-Arabi Brokerage Co., said such a project would require law enforcement, methods of arbitration and specifying financing rules.

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Director General of the Mina Financial and Economic Consultation Company Adnan Al-Dulaimi said setting up such a market serves the GCC leaders’ objective of boosting mutual economic cooperation among the member countries of the council.

For his part, Mohammad Al-Tarrah of the Traders Society advised the investors to wait for establishing this market so they could have access to stocks of Gulf companies. (T/R07/R01)

Mi’raj Islamic News Agency (MINA)