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Middle East common currency proposal still at large

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Albert Fahil

The Muscat Securities Market performed well on December 2, 2011 when it recorded an increase of 55.38 (0.12%) to the day high value of 5,493.44 and the Dubai Finance Market surged by 8.50 (0.62%) to the day high value of 1,383.55 points.

The Bahrain Stocks Exchange drooped by 5.60 (0.48%) to the day high value of 1,163.11 points and the Kuwait Stocks Exchange Index showed an increase of 23.60 (0.41%) to the day high value of 5,835.90 points. The Qatar Stocks Exchange too increased by 70.36 (0.82%) to the day high value of 8,662.76 but the Saudi Stocks Exchange Index marked a decline of 7.30 (0.12%) to the day high value of 6,115.69 on November 30, 2011.



Once again, a top economist from Citigroup pointed out the validity of implementing one common currency for the Middle East region earlier this week. The proposal was first brought in the year 2001 and the UAE and Saudi Arabia made the first disagreement over the location of the unified bank if the idea to be materialized. After the initial disagreement, the UAE and Oman stated that they were not with a common currency implementation. Even within this backdrop, the top official from the Citigroup was optimistic that there would be a chance to trigger the idea again for the benefit all the countries concerned.


GCC has exported goods worth of $104.3 billion for the past nine months to Japan. Last year GCC countries’ export revenue to Japan was $74.5 billion. The reason for the increase revenue from the export has been mainly due to the price increase of oil, the statistics from Japan External Trade Organization confirmed. The Conference of Islamic Banking and Finance will be held in Muscat from March 26-27 next year. The Islamic banking has grown in the world to worth $1 trillion and it is stressed that Oman is more than ready to accelerating Islamic banking activities following her launching Islamic Al Izz International Bank and Bank Nizwa.


Bayt.com, the prominent websites related to Middle East employment has done a survey recently and it reveals that the majority of ME employees think that they are securely occupied with their employments. Nevertheless, about 44.7% of employees expect more space to learn and develop their carrier prospects within where they work in. About 22% of employees do not know whether any reward scheme exist with their work places to benefit them. Many reputed retail gold jewellery merchants in Muscat state that sales of gold jewellery have been increasing despite uncertain price fluctuation of the precious metal. Most gold jewellery sellers in Muscat are of Indian origin


Middle East Airlines has recorded grand passenger arrival growth this year, a report from International Air Association revealed later this week. The regional airlines have outsmarted statistics of global airlines registering increases of cargo as well as passenger demands. Omantel has become top telecom brand as well as one step less to the first from the Greatest Brand overtaking 180 brands in the Kingdom. As the week passes, many important events take place enhancing ME economy generally and Oman business sector in particular despite many regional and global setbacks.