Kuwait (KUNA) - Chairman and CEO of the Capital Markets Authority (CMA) Imad Tifuni stressed on Monday the importance of achieving electronic connectivity between Gulf financial markets to maximize the benefits of the digital revolution, especially since the integration of financial markets is one of the most important pillars of the required comprehensive economic integration.
In his speech at the 30th meeting of the Committee of Heads of Capital Market Authorities of the Gulf Cooperation Council (GCC) countries, hosted by Kuwait, Tifoni added that the integration process in the field of securities activities and capital markets in the GCC countries has made significant strides and achieved remarkable accomplishments over the past period.
He explained that accelerating integration between the financial markets of the Gulf Cooperation Council (GCC) requires achieving the highest possible degree of compatibility in their regulatory and supervisory frameworks and adopting as many flexible, binding systems as possible.
He stated that crucial steps have been taken in the paths of joint Gulf action since the establishment of the Gulf Cooperation Council in the early 1980s, effectively contributing to the advancement of the economies of the GCC states and strengthening their standing and competitiveness, both individually and as a cohesive economic unit capable of achieving the required sustainable development.
He pointed out that these steps have contributed to ensuring economic and social stability and confronting the cross-border challenges and accelerating unrest currently witnessed in large areas of the world and the region.
Tivoni expressed his hope that today's meeting would effectively contribute to advancing the desired economic integration, reflecting the directives of the GCC leaders and the aspirations of their peoples, and constitute a real contribution in this regard.
For his part, Khalid Al-Sunaidi, Assistant Secretary-General for Economic Development Affairs at the General Secretariat of the Gulf Cooperation Council, said in a similar statement that the committee's agenda includes several topics, most notably discussing the progress of initiatives that will contribute to achieving integration in the GCC's financial markets.
Al-Sunaidi added that the agenda includes following up on the implementation of initiatives referred to the Gulf Capital Markets Committee (stock exchanges).
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