A statistical report issued by GCC and Arab Countries Affairs Department at the Ministry on Saturday showed that government loans granted to GCC nationals to establish industrial projects rose to $5.44 million in 2009 as compared to $1.5 million in 2008.
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, added the report.
GCC nationals who own property in the UAE rose to 22,706 in 2009, said the report, adding that the number of GCC nationals residing in UAE increased to 7,650 in 2009 from 5,608 in 2008.
About 1,885 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, the report said.
Nearly 3,100 GCC nationals were working in UAE’s private sector last year compared to 2,117 in 2008 while 605 were working in federal governmental entities and 1,932 in local governmental bodies. More than 200 GCC nationals were employed in UAE’s semi-government sector in 2009, the ministry said.
“The 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,” said Obaid Humaid Al-Tayer, UAE’s minister of state for financial affairs.
The GCM project 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.
“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,” he said.
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.
“Our goal was, since the start of the Gulf Common Market, to promote economic integration in the GCC, through the full support for bilateral trade among ourselves, and the same treatment for all citizens of the GCC countries in all economic fields, without distinction or discrimination,” said Al-Tayer. “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.”
