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GCC summit in Kuwait will be launch pad for common Gulf currency
Saudi Gazette - 20 November, 2009
The upcoming GCC summit in Kuwait will be the launch pad for the unified Gulf currency, Deputy Premier and Foreign Minister Sheikh Dr. Mohammad Sabah Al-Salem Al-Sabah said Wednesday.
Hoping for the United Arab Emirates (UAE) and the Sultanate of Oman to get onboard, Sheikh Dr. Mohammad, in a press conference he jointly held with his visiting Bahraini counterpart Sheikh Khaled Bin Ahmad Al-Khalifa, said “the train moved and on its way for accrediting the currency in 2010.” Sheikh Dr. Mohammad’s conference remarks came after the Kuwaiti-Bahraini Higher Cooperation Committee concluded its fifth high-level meeting earlier on Wednesday.
The currency issue is not only about printing new bank notes, but it mainly involves devoted efforts so as to establish a sound legislative ground that would allow the currency to be launched, Kuwait’s top diplomat noted, pointing out “technicalities of the matter should be left for by bankers to handle not politicians.”
As for the Decent Living Fund, ordered by Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, with Kuwait footing $ 500 million for it, Sheikh Dr. Mohammad said the fund was not only meant to finance government projects, yet it is involved in funding projects of the private sector in order to fight poverty and support development in Arab countries.
He explained that 30 percent of the fund’s capital was raised. The fund was announced in the Kuwait Arab Economic, Developmental and Social Summit last January.
Bahraini Foreign Minister said that his country’s nomination of Mohammad Al-Muttawa to GCC secretary general post is “settled”, adding that HH the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah had sent a letter of support to King Hamad Bin Issa of Bahrain in this regard, as so did the UAE and Saudi Arabia.
The GCC secretary general is to be named in the next summit in Kuwait.
GCC summit in Kuwait will be launch pad for common Gulf currency
Saudi Gazette - 20 November, 2009
The upcoming GCC summit in Kuwait will be the launch pad for the unified Gulf currency, Deputy Premier and Foreign Minister Sheikh Dr. Mohammad Sabah Al-Salem Al-Sabah said Wednesday.
Hoping for the United Arab Emirates (UAE) and the Sultanate of Oman to get onboard, Sheikh Dr. Mohammad, in a press conference he jointly held with his visiting Bahraini counterpart Sheikh Khaled Bin Ahmad Al-Khalifa, said “the train moved and on its way for accrediting the currency in 2010.” Sheikh Dr. Mohammad’s conference remarks came after the Kuwaiti-Bahraini Higher Cooperation Committee concluded its fifth high-level meeting earlier on Wednesday.
The currency issue is not only about printing new bank notes, but it mainly involves devoted efforts so as to establish a sound legislative ground that would allow the currency to be launched, Kuwait’s top diplomat noted, pointing out “technicalities of the matter should be left for by bankers to handle not politicians.”
As for the Decent Living Fund, ordered by Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, with Kuwait footing $ 500 million for it, Sheikh Dr. Mohammad said the fund was not only meant to finance government projects, yet it is involved in funding projects of the private sector in order to fight poverty and support development in Arab countries.
He explained that 30 percent of the fund’s capital was raised. The fund was announced in the Kuwait Arab Economic, Developmental and Social Summit last January.
Bahraini Foreign Minister said that his country’s nomination of Mohammad Al-Muttawa to GCC secretary general post is “settled”, adding that HH the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah had sent a letter of support to King Hamad Bin Issa of Bahrain in this regard, as so did the UAE and Saudi Arabia.
The GCC secretary general is to be named in the next summit in Kuwait.