GCC chief extolls role of Gulf financial institutions, banks

Secretary General of the Gulf Cooperation Council (GCC) Abdullatif Al-Zayani said here Monday that the GCC financial institutions and banks have managed to keep abreast of developments and international requirements through the prestigious professional level they have reached. Al-Zayani said in his opening speech before the 11th banking conference of the GCC states, dubbed (Role of the Banking Sector in Supporting Eeconomies of the GCC Countries), that the GCC financial institutions have been keen to implement effective banking control systems issued by world organizations such as the (Basel) Committee, especially with regard to standards of transparency, disclosure and capital adequacy. He added that the banking sector plays a key role in promoting development in various countries around the world, noting that financial institutions are responsible for the quality of economic growth in the economic communities, a matter that reinforces the role and status of these institutions. He said that the economic integration among the GCC states is among the most important goals the General Secretariat is keen on achieving in accordance with the vision and aspirations of the GCC leaders and the common denominators that bind their peoples. He stressed the importance of the banking sector in achieving this integration and support for the achievements made in this field. The GCC Chief pointed out that the GCC has succeeded in achieving a number of accomplishments in the economic sphere, including joint free zone projects, the Customs Union and the GCC common market, in addition to the monetary union project which enjoys great interest in the various Gulf Arab states