Dubai’s Saidi Calls G-8 ‘Obsolete,’ Says Gulf Needs FSB Role

Dubai International Financial Centre Chief Economist Nasser Saidi said the Group of Eight is an “obsolete” forum and called for a greater role for Gulf countries in global decision-making.

“The GCC should have strengthened representation on the Financial Stability Board,” Saidi said at a conference in London today. Gulf Cooperation Countries, which are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, should translate financial strength “into a more prominent role on the world stage,” he said.

The Group of 20 has overshadowed the G-8 in the revamp of global regulation following the worst financial crisis since the Great Depression. The FSB, comprised of central bankers, finance ministers and regulators from G-20 countries, has been elevated to a global supervisory role with more members from countries including China, India and Saudi Arabia.