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Corporate Leaders welcome the decision

Jeffrey Singer, CEO, DIFC

The GCC Summit’s accord on a single Gulf currency is a positive move that will give greater trading powers to the GCC countries vis a vis the rest of the world. It is a crucial move in the move towards greater economic integration of the region and its emergence as an important global economic player. A unified currency will ensure economies of scale and provide monetary freedom to the regulators.

Sohail Zubairi, CEO, Dar Al Sharia

This is the best news one can get in the current crisis in the Gulf. In fact the crisis has proved to be a blessing in disguise resulting in all GCC countries to arrive at this historic decision as we had seen dissent from Oman till the recent past in joining the monetary union. I hope this will be the first in a series of good news for the region.

Sulaiman Al Mazroei, General Manager, Marketing of Emirates

NBD The go-ahead given by the GCC Summit for a single currency is a historical move that reflects Gulf leaders determination to achieve monetary union that will improve and support the region’s economy. A common currency, which signifies the inception of the GCC Monetary Union on January 1, 2010, will also help boost intra-Gulf trade. Although long-awaited, the decision is a very positive move, especially at a time when a financial turmoil is gripping the world. A strong currency will benefit the GCC by offsetting a lot of negatives in the economy.

Dr. Giyas Gokkent, Chief Economist, NBAD

This is a moment in the march towards the much-needed GCC Monetary Union. However, the GCC members have to arrive at a consensus on the common monetary policies, financial rules and on the exchange rate policies of the proposed common currency. It remains a mystery to me even now how they would be able to achieve the target of forming the GCC Monetary Union by 2010. The UAE’s size, geographical location close to many of GCC members, diversified economy, infrastructure, mature and strong banking and financial systems, and cosmopolitan nature are in favour of the argument to locate the headquarters of the GCC Central Bank in UAE.”

The currency union will also be crucial in helping member countries face the globalisation challenges.