Euromoney Saudi Arabia Conference opened 5 Riyadh

On behalf of the Secretary General of the Gulf Cooperation Council
(GCC), Dr. Nasser Al-Gaood, Assistant Secretary General of the GCC
for Economic Affairs, said the GCC member states were and still keen
on facing the global financial crisis and taking the necessary
precautionary measures to curb its impacts, noting that the GCC
leaders, finance ministers and central banks governors have
intensified consultations among each other to make their economies
immune to this crisis through preserving higher growth rates and
pumping more money on developmental projects.

He said the GCC countries are expected to score more successes than
others in containing the effects of the crisis, thanks to the high
growth rates and financial surpluses over the last six years.

He gave an account on the measures taken towards economic integration
of the GCC countries, citing the set up of free trade zone in 1983,
application of customs union in 2003, establishment of Gulf Common
market in January 2008, and set up of the GCC Monetary Union last
December. The last step would hasten the creation of the unified
currency, he added.
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