January 17, 2003	Friday	Ziqa'ad 13, 1423

DUBAI: The second Gulf Cooperation Council (GCC) Economic forum concluded on Wednesday in Dubai, one of the United Arab Emirates (UAE), with a call on member countries to redouble efforts towards achieving a monetary union.

The forum also called for the revival of an earlier proposal to set up a common Arab market and a competent GCC bank, capable of competing in the global market.

The forum also underlined the need for a GCC stock market which could serve as an attractive alternative for investors. It also stressed the need for self-reliance in developmental projects, a greater involvement of the private sector and diversification of the economy.

While urging economic groupings among Arab countries, it underlined the need for removal of all barriers to trade so as to create a conducive atmosphere for investment.

The delegates to the conference sent a cable of thanks to UAE President Sheikh Zayed bin Sultan Al Nahyan and General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Minister of Defence, for their support to the forum.—WAM