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Discuss this article (6 Comments)Saudi foresees reconciliation over monetary union
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 27 May 2009
CURRENCY REVIEW: A review of monetary union plans will resolve the dispute with the UAE, says Saudi's King Abdullah. (Getty Images)
Saudi’s king has indicated that the dispute with the UAE over the citing of the GCC central bank will be resolved as part of a new review of monetary union plans.
In comments to local Kuwait media on Tuesday King Abdullah said he was confident that the UAE’s withdrawal from the single currency would be reversed as a result of the review.
“The coming review before the implementation would resolve what has been disputed,” he told Arabic daily Alseyassah.
“The atmosphere for reviewing the monetary union agreement is open and the UAE has an alert leadership ... We do not doubt their keen (interest to safeguard) the strength of the Gulf Cooperation Council,” he added.
However, on the same day the UAE’s central bank governor ruled out all “negotiations” on reversing its decision to pull out of monetary union.
Sultan Nasser Al Suwaidi told media at a conference in Abu Dhabi: “We are not negotiating. For the time being, the UAE’s position is to withdraw.”
But, King Abdullah downplayed the UAE’s withdrawal, saying that there would always be differences of opinion among leaders on various issues.
“The leadership of GCC countries could disagree over certain opinions and issues, but these differences would quickly fade. The brotherly relations between Saudi Arabia and the UAE will remain and any difference of opinion will soon disappear in the coming reviews,” he said.
“The agreement on the monetary union ... would undoubtedly be subject to review before approval and enactment,” King Abdullah added.
READERS' COMMENTS
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I applaud the king
Posted by basheer, Bangalore, India on Wednesday 27 May 2009 at 22:50 UAE time
I applaud the wise decision of Saudi King for being to open to the talk. I was keenly looking in to the proposed monetary union of Arab countries and was lost hope by the sudden withdrawal of UAE from the union. Here with the remarks from Saudi king, it is obvious that he will be open to talks and may be open to take a decision to move the location centra;l bank in to UAE. eventhough Riyadh qualifies and have an undoubtable position to host the Central Bank. The King is a wise Man .. Mr King, I applaud your remarks, your attitude. Atleast the rest of the Arab conty leadership needs to learn from you. You are just a great leader.
C'mon my dear arabs, join me in applauding willingness and dedication to make the union a reality. Once you have achived this no one can stop you from anything and you will emerge the economic superpower by over throwing the "military backed " economic super powers by means of just hard work and help from Allah.
Thanks,
Basheer
Posted by basheer, Bangalore, India on Wednesday 27 May 2009 at 22:50 UAE time
I applaud the wise decision of Saudi King for being to open to the talk. I was keenly looking in to the proposed monetary union of Arab countries and was lost hope by the sudden withdrawal of UAE from the union. Here with the remarks from Saudi king, it is obvious that he will be open to talks and may be open to take a decision to move the location centra;l bank in to UAE. eventhough Riyadh qualifies and have an undoubtable position to host the Central Bank. The King is a wise Man .. Mr King, I applaud your remarks, your attitude. Atleast the rest of the Arab conty leadership needs to learn from you. You are just a great leader.
C'mon my dear arabs, join me in applauding willingness and dedication to make the union a reality. Once you have achived this no one can stop you from anything and you will emerge the economic superpower by over throwing the "military backed " economic super powers by means of just hard work and help from Allah.
Thanks,
Basheer
UAE PULL OUT OF GCC MONETYAR UNION PULL OUT
Posted by Tarik, Dubai, UAE on Wednesday 27 May 2009 at 15:20 UAE time
To be realistic and for the benefit of GCC the Central bank should be in Bahrain since its more neutral and has the best financial polices in the region .
Abu Dhabi or Riyadh will be a political choice not an economical one
Posted by Tarik, Dubai, UAE on Wednesday 27 May 2009 at 15:20 UAE time
To be realistic and for the benefit of GCC the Central bank should be in Bahrain since its more neutral and has the best financial polices in the region .
Abu Dhabi or Riyadh will be a political choice not an economical one
Saudi Arabia has taken a nice Step...
Posted by Luqman Amer M. Khan, Jeddah, Kingdom of Saudi Arabia on Wednesday 27 May 2009 at 14:42 UAE time
Although i DON'T Support U.A.E's Withdrawal as it is too rude, I was Fascinated by Kingdom's Response. I wish, every Country should have a Brotherly Neighborhood like Saudi Arabia"
Posted by Luqman Amer M. Khan, Jeddah, Kingdom of Saudi Arabia on Wednesday 27 May 2009 at 14:42 UAE time
Although i DON'T Support U.A.E's Withdrawal as it is too rude, I was Fascinated by Kingdom's Response. I wish, every Country should have a Brotherly Neighborhood like Saudi Arabia"
UAE PULL OUT OF GCC MONETYAR UNION PULL OUT
Posted by Mohammad Osman, Riyadh, Saudi Arabia on Wednesday 27 May 2009 at 14:22 UAE time
The wise king is proposing returning the UAE into GCC Monetary Union. King Abdullah is a man of wisdom, a state man and man of unity. It was just couple of months back, when he proposed an open-arab dialogue to resolve the Arab World differences of opinions where he suceeded to bring together many Arab Leaders to shake hands in-between them.
I personally believe that, UAE pullout from the GCC Monetary Union will only weaken the emerging Arab Economic Unity where the GCC can play a vital role in restructuring the Arab World Unity in terms of economy, political and creating a borderless Arab World.
I applaud the King's initiatives in bringing Arabs into better future for their societies.
Posted by Mohammad Osman, Riyadh, Saudi Arabia on Wednesday 27 May 2009 at 14:22 UAE time
The wise king is proposing returning the UAE into GCC Monetary Union. King Abdullah is a man of wisdom, a state man and man of unity. It was just couple of months back, when he proposed an open-arab dialogue to resolve the Arab World differences of opinions where he suceeded to bring together many Arab Leaders to shake hands in-between them.
I personally believe that, UAE pullout from the GCC Monetary Union will only weaken the emerging Arab Economic Unity where the GCC can play a vital role in restructuring the Arab World Unity in terms of economy, political and creating a borderless Arab World.
I applaud the King's initiatives in bringing Arabs into better future for their societies.
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