UAE gunning for GCC central bank

24/05/2009 - Dubai Investment News
UAE gunning for GCC central bank

The UAE financial authorities would consider joining a single currency with other Gulf Cooperation Council (GCC) states, providing that Abu Dhabi was the designated home of the central bank for the union.

Such is the claim of the UAE's minister of economy Sultan Bin Saeed Al Mansouri, who told reporters that the emirate was unhappy with the decision to establish a headquarters in Riyadh, Saudi Arabia.

"We are very practical and open. UAE has the most suitable financial infrastructure in the region and we were the first nation to apply to host the GCC Central Bank in Abu Dhabi," he explained.

The country's favourable banking regulations have made it an attractive destination for many investors looking for property for sale in the UAE.

In other developments, evaluation group Moody's has announced that the UAE's decision not to participate in the GCC single currency will not have any effect on the country's sovereign ratings.ADNFCR-2019-ID-19184299-ADNFCR