Experts call for GCC stock market

by Lynne Roberts Sunday, 05 August 2007

Financial analysts have called for a joint stock market for Gulf Cooperation Council member states according to a report by Kuwaiti news agency KUNA.

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The move would consolidate efforts for an integrated economy between the six Gulf countries and accommodate the huge liquidity traded on a daily basis, the report says.
Analysts told the agency GCC investors were becoming more aware of investment principles, and said officials should think seriously about absorbing liquidity and re-investing in the region instead of allowing it to migrate to foreign markets where risks were higher.

According to analyst Ali Al-Nimash the time is right for the establishment of a joint financial market as Gulf companies are trading in existing markets without complications.

A joint market would improve the image of the region and encourage foreign investors to bring more capital to the market, he added.

The value of a joint market would be in the region of $1 trillion, Al-Nimash said, boosted by the listing of Saudi Arabian and Kuwaiti mega-companies.

Chairman of Al Aljoman Center for Economic Consultancy Nasser Al-Nifisi said the success of the Dubai Financial Market in attracting international stocks proved the region was ready for such a move.

Financial advisor Nasser Al-Masri expressed caution, however, warning a lack of maturity could lead to losses in the billions.



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