Nasser Saidi says Gulf states need FSB role, G-8 'obsolete'
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Thu June 25, 2009 6:26 pm
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INTERNATIONAL. Dubai International Financial Centre Chief Economist Nasser Saidi said the Group of Eight (G-8) is an “obsolete” forum and called for a greater role for Gulf countries in global decision-making.

“The GCC should have strengthened representation on the Financial Stability Board (FSB),” Saidi said at a conference in London today. Gulf Cooperation Countries should translate financial strength “into a more prominent role on the world stage,” he said.

The Group of 20 has overshadowed the G-8 in the revamp of global regulation following the worst financial crisis since the Great Depression. The FSB, comprised of central bankers, finance ministers and regulators from G-20 countries, has been elevated to a global supervisory role with more members from countries including China, India and Saudi Arabia.

At the London summit in April, the FSB gained new powers to outline global financial regulations and took on an oversight role, together with the International Monetary Fund, to look at market risks. G-8 leaders will meet in Italy in July.

Saidi today outlined a four-pronged plan to “redefine and redesign” the relationship between the GCC and London, including a louder voice in decision-making for Gulf countries.

He repeated calls for a development and restructuring bank for the Middle East, which he said would aid geo-political stability in the region.

Saidi also called for more sophisticated debt markets that can trade both conventional instruments and those that are compliant with Islamic law, which prohibits the use of interest payments. Sharia-compliant products should be integrated into the western financial system, he said.

 

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: August 4, 2015
UAE. July data suggested that the UAE's non-oil private sector regained some of the growth momentum that was lost at the end of the second quarter; Output and new orders both rose at sharper rates, contributing to a robust overall improvement in business conditions.
date:Posted: August 4, 2015
EGYPT. Latest data painted a bleak picture; Business conditions worsened amid declines in output, new orders and employment, although the respective rates of contraction were only slight.
date:Posted: August 4, 2015
SAUDI ARABIA. Stronger growth of the sector as a whole was mainly driven by sharper expansions in both output and new orders, while purchasing activity also rose more quickly; However, data for employment bucked the general trend, as the rate of hiring eased to a 14-month low.
SAUDI ARABIA. Office and residential sectors are positioned for further rental growth during remainder of 2015; Hotel and retail sectors appear closer to the peak; Residential market remains mixed, with apartments seeing continued rental growth while villa rents have declined.
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