GCC leaders meet in Kuwait Monday, 14 December 2009 00:00

The GCC summit that begins in Kuwait today assumes special significance coming as it does just when the world has begun to emerge from the economic downturn and financial crisis — we are not yet out of the woods, though. Mercifully mild, the region has not been immune from the impact of the global crisis of 2009, severest being the Dubai payments trouble. Economic issues will, therefore, be of prime importance at the summit.

We are looking to the Kuwait meeting with quite optimism with Qatar’s proposal for establishing a Gulf Bank for Development on the table and the currency union all set to get the leaders’ nod. Oman and the UAE have opted out for now, but we hope the leaders will be able to persuade them to reconsider their decision. A common GCC currency will definitely strengthen the business and trading regime in the region. Also switched on in Kuwait will be region-wide electrical grid.

Most important, however, will be the discussions on Dubai’s debts. The deliberations, we believe, will be in the spirit of what affects one member-state affects all and the will to overcome weaknesses as one. We hope the GCC leaders will leave Kuwait stronger and more secure to face challenges of 2010.