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 GCC Middle East ~ Still on track

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Illumin8
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PostSubject: GCC Middle East ~ Still on track   Wed Jul 08, 2009 12:33 pm

GCC currency union delay is ruled out

Gulf Daily News -
08 July, 2009

It is too early to discuss who will run a planned joint Gulf central bank, but the 2010 start date for monetary union is still on track, the GCC secretary general said yesterday.

"It's premature to talk about these details," Abdul-Rahman Al Attiyah said when asked about which country would appoint the governor and board of the central bank.

A Gulf monetary union plan was thrown into disarray in May when the UAE, the second-largest Arab economy, broke ranks with Saudi Arabia, Kuwait, Qatar and Bahrain by withdrawing.

Attiyah said he saw no delay to the plan for monetary union because of the UAE's withdrawal, but did not give a date for when a central bank would be established.

"The establishment of the central bank and the launch of its operations is subject to the meeting of the legal, organisational and strategic requirements ... and the monetary council will determine its start date in accordance with this," he said.

The GCC is also setting up a common market, including a customs union.

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PostSubject: Re: GCC Middle East ~ Still on track   Thu Jul 30, 2009 11:23 pm

Another important project taking place in Saudi Arabia is the East-West Railway Project (Landbridge), aiming to provide connections between Jeddah, Dammam, and Jubail.

Two tracks make up this rail, one of 556km that will be used only for freight transport and the other a 449km line to handle passengers. Upon completion it will be able to transport some 300 million passenger-km per year and one billion tonnes-km of cargo.
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PostSubject: Re: GCC Middle East ~ Still on track   Thu Jul 30, 2009 11:44 pm

Removing barriers to private sector participation' is a promising opportunity for an integrated transport model in the region, said Al Assar. This will be achieved mainly by creating the legal environment needed.

Other challenges and opportunities included 'further cooperation and dialogue among constituents to better understand transport logistics, forging competition to help reduce prices and expand access to transport network, and facilitating networking among all the companies working on such projects,' he added.
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