QNA
Doha
The fifth joint meeting of the GCC heads of Capital Market Authorities (or their equivalent) committee with heads of GCC Stock Exchanges was held.
The meeting discussed the presentation made by the Saudi Stock Exchange “Tadawul” on the latest developments regarding the implementation of the initiatives being worked on by the GCC Capital Markets Committee. The recommendation of the Committee of the Heads of GCC Financial Market Regulators was also discussed in its 28th meeting on the recommendation of the obligation to unify the dividends of investors participating in the GCC markets (stock exchanges) through the Depository Centers.
Qatar Financial Markets Authority CEO Tamim bin Ahmed Al Binali, who chaired the meeting, affirmed in his opening remarks that the GCC capital markets operate in a very similar economic and investment environment, which makes the opportunity for their integration high, which is an important input for the development of these markets and enhancing their performance indicators and their ability to achieve theirobjectives.
He added that the integration of the Gulf financial markets has exceeded the stage of unifying legislation and rules governing the work of the markets to enter a new stage in light of the rapid technological developments that have directly affected the methodology of the work of the financial markets.
“Efforts and cooperation between the financial markets and regulatory bodies in the GCC countries must be coordinated in order to unify and harmonise the technology used in our financial markets, in addition to adopting and using digital transformation solutions, electronic disclosure, artificial intelligence, machine learning and other solutions.”
“The financial markets in various countries of the world have witnessed in recent years escalating challenges, imposed by international economic changes, especially the slowdown in economic growth rates at the same time with the rise in inflation rates and the accompanying rise in interest rates to levels that affect the performance indicators of financial markets and their stability,” he said.
He explained that cybersecurity risks in particular are also witnessing very rapid developments, especially with regard to the unprecedented escalation of cyberattacks and cybercrime, and the challenges and traditional crimes that used to face the financial markets - such as money laundering, terrorist financing, bribery and corruption - are all challenges and threats that have benefited from technological developments, which requires the development of new work methodologies to confront and address them.
