Federation of GCC Chambers of Commerce and Industry (FGCCI) on Saturday said outcomes of the latest GCC Summit in Kuwait were “beyond expectations.” The summit saw the launching of the GCC power linkage project and agreement on mechanisms needed to reinvigorate the single currency project.

Abdulrahim Naqi, Secretary-General of the Dammam-based FGCCI, said the federation, along with the private sector in Gulf countries, supported decisions made in the GCC 30th Summit for Leaders, which was concluded last week.

Naqi, in a press release, said implementing the single Gulf currency would positively reflect on economies of GCC Member States, as well as reinforcing their negotiation power on a global scale and fortifying their monetary policies against global financial crises.

Moreover, Naqi noted that having the GCC monetary council based in Saudi Arabia will contribute to setting timeframes according to budgets of Member States.

He also underlined the major role played by the private sector in launching GCC ventures that are of technical and economic feasibility, such as the ones related to food or agricultural security. — NNN-KUNA (world.brunei.fm)