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Mon 5 Oct 2009 02:28 AM

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UAE calls for establishing regional stock market

Market would act as an alternative when global financial markets stop trading at time of crisis.

UAE calls for establishing regional stock market
(Getty Images)

The UAE has called for setting up a regional financial market for the Middle East and East Asia following the failure of efforts to globalise financial services.The recommendation was made by H.E Sultan bin Nasser Al Suweidi, Governor of the UAE Central Bank, while addressing the meeting of central bank governors of the Organisation of the Islamic Conference (OIC) which took place on the sidelines of the annual IMF-World Bank meetings being hosted by Turkey, WAM reported.

''The proposed stock market will act as an alternative when global financial markets stop trading at time of crisis,'' the UAE official said.

He also briefed the meeting about proactive measures taken by the UAE to handle the world financial crisis since September 2008.

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