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GCC Summit calls for legislation for financial and monetary unity by 2025

10 December, 2019 15:20

GCC Summit calls for legislation for financial and monetary unity by 2025.  It also called for greater regional economic integration as the King Salman-chaired meeting came to a close in Riyadh on Tuesday.

GCC Summit calls for

The GCC General Secretary Abdullatif bin Rashid Al-Zayani read out the final statement.
Furthermore, Arab News reports, the summit called for finalizing legislation for financial and monetary unity by 2025.
According to the meeting’s final communique, the summit emphasised boosting military and security cooperation to maintain regional security.

Notably, Saudi King Salman presided the 40th Supreme Council meeting and met the heads of each delegation.

The key participants included the UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum and Bahrain’s King Hamad bin Isa Al-Khalifa.
Oman’s Deputy Prime Minister for the Council of Ministers Fahd bin Mahmoud Al-Said and Qatar’s Prime Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Than also attended.

Meanwhile, in his opening remarks, King Salman said the GCC had managed to overcome many crises that the region has faced.

At a preparatory meeting on Monday, Gulf foreign ministers approved the nomination of former Kuwaiti Finance Minister Nayef Al-Hajraf as the next secretary-general of the GCC.
However, his term will begin in April 2020 following the end of Al-Zayani’s term.

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