Abu Dhabi, Mar 04th, 2011 (WAM)--GCC General Secretariat issued the 3rd edition of its publication "GCM: Facts & Figures"". The new edition sheds the light on the 2009 Statistics; thus, UAE deep keenness and ongoing commitment to implement all resolutions related to Gulf Common Market. The UAE is in the forefront of GCC countries committed to implement these resolutions.
Statistics show levels of support provided by UAE to GCC citizens, highlighting the equal treatment of GCC citizens with their UAE counterparts in various economic fields. The increase in the number of GCC nationals benefiting from the State's commitment towards GCM resolutions indicates the great efforts exerted by UAE and Member States to promote economic realities of the bloc on the global stage. UAE has implemented most of GCM decisions issued in various economic, financial and trading domains, including GCC common trademarks law, in addition to law allowing GCC natural and legal citizens to exercise all economic activities and professions without limitation. UAE adopted accrediting GCC citizens properties ownership for housing and investment purposes. Full equality of treatment between GCC citizens has been implemented regarding the ownership and trading of shares and stocks, in addition to establishing companies and work in government departments. "UAE is keen to activate GCC economic integration and support GCC common projects and their diversification to serve all member states economies. We also continue to promote joint action and exchange experiences with our brothers in GCC countries; hoping to raise the level of GCC economic competitiveness in international forums" said Obaid Humaid Al Tayer, Minister of State for Financial Affairs. According to the statistics, UAE is in the forefront of member states in licensing economic and financial activities for GCC citizens. The total number of licenses granted amounted to 24,109. Kuwait came on the second place with 2870 licenses. In 2009, loans granted to GCC citizens for establishing industrial projects in the UAE amounted to USD 45 million. Until 2009, six GCC commercial banks have been given licenses to open branches and operate all over the UAE. Statistics shed the light on UAEs role in the equality of treatment in the government sector. Encouraging GCC staff and developing their capabilities, the number of GCC citizens working in the UAE government sector reached to 2823 employees in 2009. Compared to 484 employees in 2008, the number of GCC workers in the UAE non governmental sector amounted to 780 employees. Moreover, UAE was ranked at the first in terms of the number of GCC citizens covered in retirement benefits as they reached to 2823. In addition, 780 GCC citizens are included in the UAE social insurance. Regarding the full equality of treatment in trading shares and stocks, the number of companies listed in UAE financial markets and allowed to be traded by GCC reached to 85. The value of these companies amounted to USD 49 billion out of a USD 228 billion capital listed in the UAE financial markets in 2009. The number of GCC shareholders in listed companies reached 276805, which makes UAE the first in terms of number of GCC shareholders trading in its financial markets. "These facts and figures confirm our permanent support for the progress of the GCM and GCC economic citizenship as they are key factor for the GCC social, economical and cultural integration", Al Tayer added. UAE played a leading role in accrediting the ownership of properties by GCC citizens. Until 2009, GCC citizens owning properties in the UAE amounted to 22706 which is the highest number in all member states. Concerning the bilateral trade, UAE contributed to approving laws, systems and policies facilitating the outflow of commodities, services and transport among GCC countries. It also encouraged GCC products and treated them as local products; allowing businesses and productive units to open commercial offices in the country and import without the need of a local agent. This move positively impacted the growth of GCC exports the volume of bilateral trade between member states; securing that the volume of this trade reached to about USD 6.1 billion in 2009. Providing the largest contribution among the member states, UAEs imported GCC products (excluding oil) of a total value of USD 5.9 billion. As a reflection of UAE commitment to implementing GCC Supreme Councils decisions regarding the equal treatment between GCC and UAE students, the number of students enrolled in elementary, intermediate and secondary public schools amounted to 4825, 4506 and 2723 students respectively. In 2009, the number of GCC students enrolled in UAE higher education institutions reached to 933 comparing to 759 students in 2008. Last month, Ministry of Finance (MoF) held the first meeting of UAE Team for Enhancing GCM work. The meeting has been attended by representatives of UAE Ministries of Economy, Interior, Health, Labour, Education, and Higher Education & Scientific Research. Representatives of the Federation of UAE Chambers of Commerce & Industry, General Pension & Social Security Authority, Department of Naturalization and Residency and Ports. Participants addressed functions of UAE team for enhancing GCM work. In addition to activating the executive decisions of the Council of Ministers and the Ministerial Council for Services. The meeting determined the appropriate mechanisms to coordinate efforts, streamline the GCM procedures, enhance communication between the stakeholders in UAE to remove any obstacles that may confront them and deal with complaints. Participants discussed the level of benefits provided to UAE and GCC nationals by GCC Supreme Council resolutions regarding GCM. They also evaluated GCM implementation as outlined in Article III of the GCC Economic Convention and determine implementation stages achieved. Al Tayer concluded: "We established an internal mechanism to address queries on the Gulf common market, and to monitor the implementation of the decisions of the Supreme Council and The Committee on Financial and Economic Cooperation. Three teams were formed by sub-economic areas as outlined in Article 3 of the Convention to support the economic and the development of future visions to strengthen the work in the Gulf Common Market."The teams will communicate with various stakeholders to address the obstacles and follow up on complaints and suggestions. As well as obtaining the necessary legal tools to implement the decisions of the GCM.Copyright Emirates News Agency (WAM) 2011.
