Foreign Exchange Clearing Company vital to GCC economy: Sameer Nass

TDT | Manama                                                        

The Daily Tribune – www.newsofbahrain.com

Establishing a Foreign Exchange Clearing Company is vital to enhance the markets of Gulf Cooperation Council nations, Sameer Nass, Chairman of the Bahrain Chamber and Chairman of the Union of Arab Chambers, said.

Nass, who led Bahrain's delegation at the 63rd meeting of the Federation of GCC Commerce (FGCCC) in Doha, Qatar, emphasized that this initiative is crucial for strengthening the market resilience of GCC member states in the face of global challenges.

He expressed the Bahrain Chamber's commitment to fast-tracking the study and establishment of the Foreign Exchange Clearing Company, highlighting its potential to enhance economic integration among GCC countries, aligning with the requirements of the common Gulf market and customs union.

Sheikh Khalifa bin Jassim bin Mohammed Al Thani, Chairman of the Qatar Chamber, underscored the private sector's vital role in achieving Gulf economic integration. He emphasized the need for increased economic, trade, and investment cooperation among GCC countries in light of current economic changes and geopolitical challenges.

Rabah Al-Rabah, Director- General of the Kuwait Chamber, echoed the importance of launching the GCC Foreign Exchange Clearing Company, noting its facilitation of significant investment partnerships among member states. Khaled Najibi, First Deputy Chairman of the Bahrain Chamber, drew attention to the Gulf Commercial Franchise Law's direct impact on business development, fostering expansion into new markets, and increasing market activity rates.

The agenda of the 63rd meeting of the Gulf Chambers Union included approving previous meeting minutes, discussing economic policy proposals and developments, and addressing various topics aimed at promoting trade and economic cooperation among GCC countries.