The guidelines will be effective for two years “after which they will be reviewed and become compulsory”.
UAE Cabinet guidance on GCC markets integration
The UAE Cabinet yesterday approved the implementation of new guidelines that relate to the integration of financial markets across the GCC.
The project includes the endorsement of unified guidelines on transactions in shares and transparency regarding trading in futures at the GCC level, WAM reported.
The guidelines will be effective for two years “after which they will be reviewed and become compulsory”, the news agency said, without elaborating.
“The world’s economic challenges spur us to making the UAE’s economy more transparent and competitive as well as to face the world challenges with economic blocs or groups of states,” said Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai.
He added that the GCC joint work would further “promote economic growth to keep pace with changes in the world economy”.
The Cabinet also approved a national system of control for Halal products to ensure they are Sharia compliant.