Chairman of the Board of Commissioners of Kuwait Capital Market Authority (CMA) Nayef Al-Hajraf said here on Thursday the integration of Gulf capital markets is a major item of the GCC economic agreement.
The economic agreement envisions the integration of Gulf capital markets and unification of relevant policies and systems, Al-Hajraf addressed the fifth meeting of the ministerial committee of GCC capital market board chairmen.
The deal is primarily intended to develop local and foreign investments in the GCC member states and to provide a transparent and stable investment atmosphere, he said during the meeting in a speech delivered on behalf of Minister of Commerce and Industry Abdulmohsen Al-Madaj.
He hoped that a memo of understanding would be inked by the regulators of GCC capital markets out of belief in the significance of fulfilling Gulf expectations and ambitions for the aspired integration.
Cooperation and integration among the GCC member states constitute a core pillar of the economic agreement, he said, adding that integration could be achieved through the unification of rules for listing shares, bonds and sukuk, investment funds, disclosure and governance.
The ultimate goal of the economic deal is to achieve inter-GCC economic integration by means of adopting a joint strategy based on economic citizenship, Al-Hajraf pointed out.
The role of capital market authorities is basically to ensure the safety and integrity of capital markets and to stimulate and develop such markets, thus requiring the appropriate balance between surveillance and regulation, he affirmed.
For his part, Assistant Secretary of the GCC for Economic Affairs Abdullah Al-Shebli said the GCC has made much headway in the fulfillment of the goals outlined by the GCC leaders for the promotion and reinforcement of economic cooperation and, consequently, maximum integration.
Today's meeting aims to adopt resolutions that could contribute to bolstering and cementing economic cooperation among the GCC countries, and to developing the tools of capital market integration, he said in a speech delivered on behalf of GCC Secretary-General Abdullatif Al-Zayani.