| 29 Aug 2010 |
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22,706 Gulf nationals own property in UAE
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The Ministry of FinanceThe Ministry of Finance
(MoFMoF) has released statistical data for 2009 related to the Gulf Common Market (GCM) which proves that the UAE is at the forefront of GCC countries in GCM integration.Commenting on the achievement, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said: "UAE leads the GCC countries in implementing GCC Supreme Council resolutions.
The statistics confirm our commitment to the GCM and highlight our contribution to GCC economic integration. We will continue our efforts to support GCC projects and facilitate achievement of goals and interests enshrined in the Charter of the GCC Council.
We are working to enhance the competitiveness of our economic bloc to serve the economies of all Member States."
The UAE is the leading GCC country in balanced and sustained development and is keen to participate in the success and expansion of GCM.
The statistical report issued by GCC and Arab Countries Affairs Department at MoFMoF showed an increase in number of GCC nationals residing in UAE to 7,650 in 2009 from 5,608 in 2008.
Governmental loans granted to GCC nationals to establish industrial projects rose to Dh20 million in 2009 as compared to Dh5.5 million in 2008.
GCC nationals who own property in the UAE rose to 22,706 in 2009.
Over 1,884 licenses for professional and commercial activities were granted to GCC nationals. Seven commercial GCC banks were operating in the UAE in 2009, the same number as in 2008 when it increased by three banks from 2007.
As many as 3,080 GCC nationals were working in UAE's private sector in 2009 compared to 2,117 in 2008 while 605 were working in federal governmental entities and 1.932 in local governmental bodies. 207 GCC nationals were employed in UAE's semi-government sector in 2009.
Joint stock companies listed on UAE exchanges that can be traded in by GCC nationals rose to 85 out of a total of 153 and GCC investors actively trading were 27,6805 in 2009, an increase of 1,222 compared to 2008.
The number of GCC students studying in UAE schools rose to 16,463 in 2009, an increase of 987 students from 2008. 12,892 GCC students were in public schools and 3,571 in private schools. 3,589 GCC nationals benefit from insurance protection in 2009, an increase of 597 from the previous year.
Al Tayer said: "Executive decisions taken by UAE to activate GCC resolutions have helped us be at the forefront of GCC countries working to promote economic and investment cooperation. We play a vital role in implementing the concept of GCC economic citizenship.
The UAE has a major contribution in promoting investment, sustainable economic development and economic exchange amongst GCC countries".
The MoFMoF web page dedicated to Gulf Common Market on its website includes a program to receive complaints, inquiries and suggestions.
It is preparing a statistical bulletin with data and information related to GCM and is conducting field interviews to identify constraints and difficulties faced by industry and UAE nationals in operating in the UAE.
The website also sheds light on the advantages of the GCM.
"We will continue our efforts for greater integration of business and financial activities in the GCC, which supports investment in the region, as well as to promote the benefits of increased efficiency of production to make optimum use of available resources." Al Tayer added.
The GCM project came into effect at the beginning of 2008. It aims to achieve economic integration among GCC Member States through implementing a series of resolutions.
These include the ones relating to freedom of movement and residence, working in government and private sectors, social insurance and retirement and the exercise of professions and trades.
Resolutions also address engagement in all economic activities, investment and services.
The project aims to facilitate real estate ownership, the movement of capital, equality of tax treatment, trading of stocks, establishing companies, as well as benefiting from educational and health services and social development.
By Staff
© Emirates 24|7 2010
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