Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman, which train the Cooperation Council of Gulf (CCG), adopted separate measures up to now in order to alleviate the crisis of liquidities in their banking environment.
The Minister for Finance of Qatar, Youssef Kamal, declared that the crisis would support the creation of a regional monetary union and is known as certain that measurements already taken to protect the regional economies were sufficient.
The Gulf States “will re-examine” their investments abroad, to discuss a possible reinforcement of the role of the public authorities in the financial sectors, to ensure the stability of the world oil market and to discuss of a revival of the regional investments, according to the official program of the meeting, in Riyadh.
Any reassignment of the investments of the Gulf towards the local markets is likely to worry the Western banks and companies, which see in particular in the enormous capital of the sovereign funds of the area an important source of liquidities.
The Gulf, which draws from enormous incomes of its oil manna, is also touched by the shortage of liquidities, and the authorities prepare with the draining of the Western investments( Finance Information City )
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