I feel something major is in the works. Whether its Kuwait’s mediation efforts, Ramadan, or sheer economic interest; the UAE will probably rejoin the GCC Monetary Union. On the eve of the Ministerial GCC Summit in Jeddah, Muhammad al-Jasser, governor of the Saudi Arabian Monetary Agency (SAMA) said at a news conference, “We have not given up hope in a return by the UAE and Oman to the monetary union scheme.” This is a significant turn from Saudi Arabia’s previous ”We Don’t Care” policy. On the same day, Kuwaiti Foreign Minister Sheikh Mohammed Al-Sabah stated, “Kuwait is mediating between Saudi Arabia and the UAE. The UAE will hopefully be part of the GCC Monetary Union.”
The UAE is the 2nd largest economy in the Arab world and its presence in the GCC Monetary Union is imperative. In a previous article, I stated that “the GCC can reach middle-ground by having an Emarati as Governor of the Gulf Central Bank (GCB). From what I heard, the plan was to appoint a Governor from outside the host nation (Not Saudi). It seems logical he would be Emarati because their economy is larger than Kuwait.”
I hope that the mediation efforts will succeed and the UAE rejoins the GCC Monetary Union. What do you guys think?
(No Ratings Yet)
Loading ...Tags: GCC Central Bank, GCC Monetary Union, Kuwait, Saudi Arabia, Saudi Arabia UAE Mediation GCC Monetary Union, UAE, UAE Back in GCC Monetary Union
