GCC monetary union is still achievable by 2010, but states must work to bring down inflation if they are to meet the deadline, an economist at the Dubai International Financial Centre (DIFC) said yesterday.
Monetary union, which would remove trade barriers, bring into circulation a new currency and create an EU-style monetary authority, has been beset by delays and political infighting since it was proposed in 2001.
But Nasser Saidi, the chief economist at the DIFC, said that almost all the financial and economic pieces were in place well ahead of the Jan 1, 2010 deadline. All of the "convergence criteria", aside from those regarding inflation and pegs to the US dollar, had been met, he said.
"If the will is there, it can be done," he said yesterday at the DIFC while presenting the results of a study on the progress towards union.
Mr Saidi said in the study that inflation "should be the priority item on the agenda". "Once monetary union is achieved, the [proposed] Gulf central bank should adopt inflation targeting and create the monetary tools to achieve its goals," he said.
Mr Saidi's optimism, however, is not widely shared. As the 2010 deadline approaches, high-ranking officials and economists have expressed scepticism about that date, citing a lack of banking infrastructure and continuing debate over where to locate a regional central bank.
Hamad al Sayyari, the governor of the Saudi Arabian Monetary Agency, indicated this year that monetary union was unlikely by 2010. Sultan bin Nasser Al Suwaidi, the governor of the UAE's central bank, has said that the plan was to put the monetary union into place "in stages", and that it would be "an accomplishment" if one or two of those stages were in place by 2010.
Adding to the difficulties, Oman last year withdrew from the union, and Kuwait last May removed its currency's peg to the US dollar in favour of tracking a basket of world currencies. Maintaining pegs to the dollar ahead of the union had been one of the agreed-upon convergence criteria.
The 2010 deadline is approaching at an inconvenient time for Gulf countries, which are wrestling with high and volatile inflation rates not seen since oil prices skyrocketed in the late 1970s. One of the convergence criteria - which are modelled on those within the Maastricht Treaty that was the basis for the EU - stipulates that "inflation rates should not exceed the GCC weighted average inflation rates plus two per cent in each member country".
This has become an increasingly impractical target as inflation rates have soared. In the UAE, inflation stood at 11.1 per cent last year, the latest official figure available. Inflation in Qatar stands at around 14 per cent, the highest in the region. Year-on-year inflation in Saudi Arabia recently crossed the 10 per cent barrier, according to monthly government data. Only in Bahrain, where annual inflation was 3.1 per cent in June, does it appear to be under control.
Mr Saidi said he expected inflation to moderate in the region next year due to a strengthening US dollar and declining global commodity prices, paving the way for the adoption of a common currency.
"Inflation is a relatively recent and temporary matter, and it will come back down again," he said.
Aside from the problems of inflation and Kuwait's de-pegging of its currency from the dollar, all the ingredients are in place for a monetary union, Mr Saidi added.
Short-term interest rates are similar in GCC countries because of the dollar pegs; all of them must conform to the interest rate decisions of the US Federal Reserve. Foreign exchange reserves are strong, as are fiscal surpluses, because of high oil revenues. No GCC country runs a fiscal deficit.
Progress has already been made towards the union. A GCC customs union normalising tariffs across the region was formed in 2003, and a GCC common market, meant to ease restrictions on the flow of money and labour, was declared in January.
In June, the GCC endorsed an agreement on laws and regulations to govern the union.
@Email:afitch@thenational.ae
COMPANY%20PROFILE
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Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The specs: 2019 BMW i8 Roadster
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Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
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Fuel economy, combined: 2.0L / 100km
Killing of Qassem Suleimani
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Killing of Qassem Suleimani
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
RESULTS
5pm: Maiden (PA) Dh 80,000 (Turf) 1,200m
Winner: AF Majalis, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m
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Winner: RB Dixie Honor, Antonio Fresu, Helal Al Alawi.
7.30pm: Rated Conditions (TB) Dh 100,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard.
COMPANY%20PROFILE
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Killing of Qassem Suleimani
More from Neighbourhood Watch:
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
Best economy rate: 6.53 – Sunil Narine
Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
SPECS
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs: 2017 GMC Sierra 1500 Denali
Price, base / as tested Dh207,846 / Dh220,000
Engine 6.2L V8
Transmission Eight-speed automatic
Power 420hp @ 5,600rpm
Torque 624Nm @ 4,100rpm
Fuel economy, combined 13.5L / 100km
