FBF concludes yesterday

The two-day-event witnessed the attendance of more than 200 financial and economic experts including Abdullah Al-Turaifi, CEO of Securities and Commodities Authority (SCA), Abdul Rahim Al-Naqi, Secretary General of the Federation of Gulf Cooperation Council Chambers (FGCCC), and many other local and Arab stock market officials.

Around five sessions of the forum, discussed the financial status on the national and international levels and recommended the following:

- Holding meetings by finance officials from the GCC to discuss the global financial crises to outline regulations that would protect the economy in the Gulf.

- Encouraging the merging of financial brokerage companies to perform their tasks at the most professional levels.

- Working towards establishing a union of financial brokerage companies in the region.

- Improving financial brokerage and identifying challenges and obstacles that it faces.

- Improving and enforcing financial and managerial auditing in financial brokerage companies and public shareholding companies according to international standards.

- Encouraging the merging of local and regional banks to increase their reserves and their competitive capabilities.

- Enhancing transparency levels, and implementing governance and auditing principles corporations in the Gulf to protect the rights of investors and shareholders.

- Reestablishing trust among banks and their clients from investors, creditors, stockholders and customers.

- Finding methods to increase savings in banks and reduce the amount of loan-based investments.

- Enforcing the role of monitoring and auditing authorities in the region, and encouraging early warnings concerning possible threats.

- Working towards the unification of Gulf markets' capitals, and allowing investors from the Gulf to trade in all GCC states' markets equally.

- Implementing common economic rules and regulations in the gulf on the various aspects of finance, trade and investments.

- Issuing a common currency for the GCC states as soon as possible.

- Giving the auditing responsibility to a private company experienced in this field from which an auditor will follow financial status and submit reports.

- Implementing new investments that would make use of the increasing liquidity in the region.

- Pushing forward for a common Gulf stock market.

- Improving financial brokerage and identifying challenges and obstacles that it faces.

- Establishing a charter of honor specialized in economy and finance.

During the FBF, an agreement to hold the Second Gulf Investment Forum in the Yemeni capital Sana'a in May 2009 has been signed between Sana'a Chamber of Industry and Commerce and Etisal Event Management, the organizing company of the FBF.

The first GIF was held early this year in March in Dubai, under the patronage of H.H. Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance.

In its second turn, the forum will focus on bringing togother the various points of views of investors from the GCC states and Arabic countries through discussing the regulations that systemize the financial and economic activities.

It will also highlight the means of establishing economic environment for investors to enhance the trade between Arabic countries.

In addition to that, the event will discuss the role of the Arabic governments in boosting investments opportunities in their countries and encouraging foreign investors.