MOF Organises Meeting On GCC Financial And Economic Integration

The Ministry of Finance (MoF) recently organised a meeting for its partners titled UAE and Gulf economic integration in Ajman’s Chamber of Commerce and Industry to highlight the UAEs leading role in Gulf Common Market (GCM) initiatives. The meeting covered different aspects of Gulf integration, the latest statistics on joint GCC work as well as the updates on the GCC Customs Union.

The meeting was attended by HE Abdullah Mowaji, Chairman of the Ajman Chamber of Commerce and Industry; Dr Amina Khalifa Al Ali, Board Member of the Ajman Chamber of Commerce and Industry and Head of Ajman Businesswomen Council in addition to a number of representatives from government entities, private sector companies factories and the Chamber’s employees in Ajman.

During the meeting, presentations were provided by both Ibrahim Hassan Al Jarwan, Head of the GCC and Arab Countries at MoF and Sahel Majid Al Rousan, Economic Expert at MoF at the Ajman Chamber’s Headquarters. Other attendees from MoF included Salman Noor Aflatoon, Economic Researcher at MoF. In addition, the opening speech was delivered by Professor Khalid Al Shamsi, Director of Membership Registration Services at Ajman Chamber, where he welcomed participants and highlighted the importance of this meeting which shed light on the extent of integration between federal and local authorities and private sectors to promote and strengthen Gulf economic cooperation.

Al Shamsi then said: “GCC citizens and investors look forward to achieving greater unity within the council. This includes social and economic integration to serve the interests of the GCC countries. Moreover, the meeting seeks to inform representatives from private sectors about the importance of attaining GCC economic and financial integration the advantages and facilities it will offer to citizens, and the platforms that MoF provides GCC citizens to post their GCM-related enquiries.AL Jarwan and Al Rousan emphasised the importance of promoting cooperation among various economic sectors and entities at national and regional levels in order to facilitate operations for companies and factories. They also expressed their gratitude to Ajman’s Chamber for giving them the opportunity to meet representatives from the private sector in the Emirate of Ajman, which in turn would enhance Gulf trade and investment exchanges.

Commenting on this meeting, HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at MoF reiterated the UAE’s and MoF’s commitment, in implementing all GCC-related decisions, supporting all GCC projects, providing infrastructure investments and enhancing integration between GCC countries.

HE added: “The Ministry seeks to fulfill its educational role within the UAE as it is the main entity responsible for monitoring the implementation of the unified economic agreement between the countries of the GCC. It will also continue to organise similar meetings and workshops for GCC citizens and companies to allow them to benefit from the services offered by the GCM.”

Emirate:  Ajman

Date: Apr 7, 2014

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