More GCC nationals hold property contracts

Sunday, Jul 17, 2011

Gulf News

Dubai The UAE Ministry of Finance has published its annual statistical report for 2010 relating to the Gulf Common Market (GCM).

The results show an increase in the number of registered real estate contracts held by Gulf nationals in the UAE.

While the number of registered property contracts was 4,024 in 2009, the number increased to 4,604 in 2010.

Consequently, gross cumulative rates of GCC citizens owning property in the UAE rose to 34,029 contracts in 2010 compared to 29,425 in 2009.

“The UAE aims at enhancing socio-economic ties with fellow GCC states as it believes that doing so will result in greater economic opportunities for GCC citizens and will allow for a wider range of investment prospects. Furthermore, increasing collaborative efforts will aid in enhancing economic integration and in promoting the concept of a common GCC citizenship at various levels,” UAE Minister of State for Financial Affairs Obaid Humaid Al Tayer said.

Al Tayer noted the participation of GCC nationals in the two sectors. “The UAE economy has proved to be comprehensive and adaptable enough to meet the needs and requirements of GCC citizens,” he added.

The ministry’s report also highlighted a cumulative increase in the rates of licences granted to GCC citizens to practice econ-omic activities in the UAE, where 26, 223 licences were issued in 2010 compared to 24,109 in 2009.

GCC bank branches in the UAE also witnessed a noticeable stability in growth rates, where seven banks were registered in 2010.

Staff Report