- GCC Financial Markets Committee consist of 7 exchanges in the Gulf region
- The working committee aims to accelerate the growth of regional capital markets and elevate their position on a global stage
- The Saudi Exchange is leading the GCC Financial Markets Committee
Seven exchanges in the Gulf region have formed the GCC Financial Markets committee consisting of Saudi Exchange, Bahrain Bourse, Boursa Kuwait, Qatar Stock Exchange, Muscat Stock Exchange, Abu Dhabi Securities Exchange and Dubai Financial Market. The committee is chaired by Saudi Exchange’s CEO, Mr. Mohammed Al Rumaih, and aims to support the development of regional capital markets by elevating their position on the global stage and utilizing technology to create an advanced capital market ecosystem in the Gulf Cooperation Council (GCC) region.
The GCC Financial Markets Committee have been established in the 14th of July 2021 and it monitors the progress of 3 working teams:
- Developing Listing and Governance Procedures and Environmental, Social and Governance Practices working team, whose main goal is to discuss the progress of topics related to developing the ESG field.
- Innovation, Fintech and Market Intelligence working team, whose main goal is to discuss the progress of topics related to developing the Fintech field.
- Unifying the Investor Number and Developing Custody and Settlement Services working team, whose main goal is to discuss the progress of topics related to unifying the identification number between all GCC countries.
Speaking on the occasion, Al Rumaih said: “We are proud to lead the GCC Financial Markets committee as it closely aligns with the Saudi Exchange's vision to help drive forward the advancement of capital markets in the region. As financial markets in the region rapidly expand, investment opportunities are burgeoning for local and international market participants alike. Enhanced cooperation amongst GCC exchanges will be essential to the launch of new initiatives that cater to the needs and aspirations of the financial markets in the region. We are confident that this work committee will open new doors for the GCC and look forward to furthering the development of capital markets in the region.”
The GCC Financial Markets committee consist of:
- Saudi Exchange, Mohammad AlRummaih, CEO
- Bahrain Bourse, Sheikh Khalifa bin Ebrahim Al Khalifa, CEO
- Boursa Kuwait, Mohammad Saud Al-Osaimi, CEO
- Qatar Stock Exchange, Tamim Al Kuwari, CEO
- Muscat Stock Exchange, Haitham bin Salem al Salmi, CEO
- Abu Dhabi Securities Exchange, Saeed Al Dhaheri, CEO
- Dubai Financial Market, Hamed Ahmed Ali, CEO
The GCC Financial Markets committee members meet on quarterly basis to discuss the development of their respective financial markets and guarantee its alignment with GCC capital market authorities’ best practices. The committee seeks to establish collaborative efforts and reinforce stability. These quarterly meetings will also support GCC Financial Markets as they develop their clearing and depository services to meet the interests and needs of regional and international investors.
