Bahrain Chamber and the Union of Arab Chambers chairman Sameer Nass affirmed that establishing a foreign exchange clearing company will contribute to invigorating the market of the GCC member states and enhance its status as a resilient market capable of withstanding and overcoming global market challenges.
This came as Mr Nass headed Bahrain’s delegation participating in the 63rd meeting of the board of directors of the Federation of GCC Commerce (FGCCC) held in Doha.
Mr Nass expressed Bahrain Chamber’s commitment to expediting the study and establishment of the foreign exchange clearing company. He highlighted its potential to foster economic integration among GCC countries and meet the requirements of the common Gulf market and customs union.
Similarly, Shaikh Khalifa bin Jassim bin Mohammed Al Thani, chairman of the Qatar Chamber, stressed the vital role of the private sector in achieving economic integration in the Gulf.
He pointed out that given the new economic changes, current geopolitical challenges, and their consequences, it is crucial to enhance economic, trade, and investment co-operation among GCC countries.
Rabah Al Rabah, director general of the Kuwait Chamber, also emphasised the significance of launching the GCC foreign exchange clearing company, affirming that it will facilitate major investment partnerships among member states.
For his part, Khaled Najibi, first deputy chairman of the Bahrain Chamber, highlighted that the Gulf Commercial Franchise Law will have direct impact on business development and expansion into new and diverse markets, thereby increasing market activity rates.
It is worth noting the 63rd meeting of the Gulf Chambers Union agenda included approving previous meeting minutes, discussing and monitoring economic policy proposals and developments, and addressing various topics aimed at promoting trade and economic co-operation among GCC countries.
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