With its strategic partners, the Gulf Research Center (GRC) in Dubai and the Abu Dhabi Securities Market, the Saudi Law Training Center, organizes the Second GCC Capital Market Forum under the title “Managing the Crisis” which has started to emerge in the GCC capital markets since last February and led to a decrease in the value of the Gulf assets by 60% and consequently caused huge financial, economic and social losses.
Building on the success of the first forum, sponsored by HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and Industry, with the participation of distinguished specialists, speakers and guests, the second GCC Capital Market Forum will be held on the 3rd and 4th of March with participants from the International Monetary Fund for the second consecutive year. A special study on the management of IPOs will be presented by two distinguished IMF experts on the Middle East, Mr. Fernando Delgado and Dr. Mohammed Omran. The GRC will also present a special study on the collapse of the GCC stock market, the reasons behind this collapse and the best means to deal with the situation. GRC specialists in economics, finance, management, law, politics and others joined hands, under the supervision of Abdulaziz O. Sager, Chairman of the Gulf Research Center, to write this study to be presented by Professor Giacomo Luciani, the Senior Advisor at the GRC and the renowned professor of economics in many European universities.
The Abu Dhabi Securities Market, the other strategic partner in the Second GCC Capital Market Forum, will also present a paper on the effects of legislation and laws on the development and stability of securities markets. The Forum will discuss during its six sessions many other crucial topics including family businesses going public, internet trading and its influence on the development and unity of the Gulf markets as well as how to apply the governance list. The main speaker will be Mr. Mahmoud bin Hammoud Al Rowahi, Director of IPOs at the General Capital Market Authority in the Sultanate of Oman which was awarded the first prize for being the best capital market in the Gulf as far as applying the corporate governance is concerned. Senior representatives and speakers from the Gulf and international financial markets and investment companies will present their papers and specialized journalists including Hussain Shobokshy, the well known presenter of “Al Taqrir” TV program on al Arabia Channel and Mr. Jameel Al Dheyabi, editing director of the Gulf and the Middle East in Al Hayat newspaper, will discuss the effects of media on the GCC capital markets.
On this occasion, the Saudi Law Training Center will award prizes to the best companies in the following areas:
* The best financial brokerage companies operating in the GCC states
* The best financial consultant in the GCC states
* The best bank in managing IPOs in GCC states
* The best internet trading company in the GCC states
A highly specialized committee including experts in management, economics, finance and baking will set the best standards to choose the winners. Final recommendations will be sent to the GCC minister of finance, economy and trade as well as to the governors of central banks and directors of financial markets and brokers because this forum is considered to be the professional, legislative and consultative reference for the GCC financial markets. A workshop on assisting companies on understanding and adopting the governance list will be held on the third day. Members of the board of directors and senior executives in these companies as well as specialist and those interested are encouraged to attend the workshop.
It is worth noting that the most important recommendations of the first GCC Capital Market Forum included the following:
1. It is important to orient and educate comprehensively and continuously all categories of the whole community in the legislative, executive and judicial authorities
2. It is necessary to educate and familiarize all major shareholders, board of directors and senior executives of the joint stock companies with the capital market laws and its implementation rules in order to achieve the complete application and governance of the companies, economy and governmental agencies.
3. The capital market authorities are hereby persuaded to be more firm in applying the laws and regulations particularly in establishing more financial brokerage companies and consulting offices to be available with the sufficient number and quality required to accommodate all investors and citizens money in GCC Bourses for more capital market institutional, activities
4. The legislative authorities are hereby persuaded to amend and develop all trade and economic laws to be in conformity with the capital market criteria.
5. It is required to increase the quality control of all professional accountability specialties in the field of economy, law and administration for its major effect in the capital market and joint stock companies
6. All participants admitted the importance of technology, communication and computer programs for the capital markets and its activities development. This requires to enact intellectual property laws especially with regard to literary works and protection of computer programs
