Abu Dhabi: The Ministry of Finance (MoF) has released statistical data for 2009 related to the Gulf Common Market (GCM) which proves that the UAE is at the forefront of Gulf Cooperation Council (GCC) countries in GCM integration. It is the leading GCC country in balanced and sustained development and is keen to participate in the success and expansion of the GCM.
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.
The statistical report issued by the GCC and Arab Countries Affairs Department at MoF showed an increase in the 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.
A total of 1,884 licences 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 number of GCC nationals working in the UAE's private sector in 2009 was 3,080, compared to 2,117 in 2008, while 605 were working in federal governmental entities and 1,932 in local governmental bodies.
Commenting on this 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 the 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."
‘Economic integration'
Al Tayer added: "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."
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. The number of GCC students in public schools was 12,892, with 3,571 in private schools. The number of GCC nationals to benefit from insurance protection in 2009 was 3,589, an increase of 597 from the previous year.
Al Tayer said: "Executive decisions taken by [the] 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 MoF web page dedicated to the Gulf Common Market includes a programme 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 difficulties faced by industry and UAE nationals in operating in the UAE.
"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 concluded.
