Number of GCC businessmen increases

Abu Dhabi: The number of nationals from the Gulf Cooperation Council (GCC) running businesses in the UAE has increased significantly during the past decade, and is expected to record further growth after the implementation of the common market this year, a report by the Ministry of Finance said.

The total number of GCC nationals having businesses in the UAE have increased by more than 211 per cent from 3,559 in 1997 to 11,083 by the end of 2007, with an average annual growth rate exceeding 20 per cent.

Saudi nationals account for 44.17 per cent of that number as 4,895 Saudis are running a business or working in the country, while Qataris are the least in the ranking, accounting only for 6.26 per cent or 694 individuals of the total.

The majority of the GCC nationals are engaged in the commercial and trading sectors which absorb 77.8 per cent or 8,620 individuals of the total.

The number of GCC nationals owning land and property in the UAE has also increased remarkably by 168.2 per cent from 4,398 individuals in 1,999 to 11,799 by the end of 2007, according to the report.

Kuwaitis have the lion's share among GCC land and property owners in the country, as 7,703 Kuwaitis account for more than 65 per cent of the total.

The number of land plots owned by GCC nationals increased from 6,638 plots in 2005 to 9,049 plots by the end of last year.