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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

State Council reviews draft on developing capital market

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MUSCAT: The seventh bureau meeting of the State Council, chaired by Dr Yahya bin Mahfoud al Mantheri, State Council Chairman, was held on Tuesday in the presence of bureau members. The meeting reviewed the final draft of the study “Developing Capital Market and Banking Sector”.


The bureau hosted Salaam bin Said al Shaksy, Deputy Head of the Economic Committee, who said the study aims at assessing the banking sector scenario and the Muscat Securities Market and highlighting the obstacles and challenges faced by the banking and the capital market sector.


It also worked to know the efforts of both commercial and Islamic banks, investment and brokerage companies operating in the Muscat Securities Market for the development of the financial sector.


The study also aims to stimulate the money market by making it a greater contributor to economic development by reviewing articles of the banking law, which limit its growth.


The Deputy-Head of the Economic Committee and the Rapporteur of the Committee reviewed the reasons for performing the study and the measures taken during its preparation, including hosting of specialists and individuals in the banking sector and the capital market, in addition to adopting the comparison method to identify the most important indicators for the two sectors.


The bureau discussed during the meeting, the draft law “Organising and protecting the aflaj sites on the World Heritage List”, which was transferred by the Council of Ministers and has the attached report of the Committee of Culture, Information and Tourism. The bureau also agreed to present it at the upcoming regular session.


The Council’s Bureau reviewed a report on the Council’s participation in the 24th Arab Parliamentary Union held in the Moroccan capital of Rabat in March.


The State Council Chairman congratulated Adulqadir Salim Abdullah al Dhahab, State Council Member, for receiving the Gold Award for Excellence at the Arab Parliamentary Conference.


The bureau also reviewed a follow-up report on the implementation of the decisions taken at its previous meeting, as well as a report on the activities of the committees during the period between the previous bureau meeting and the present meeting.


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