ABU DHABI: The UAE has maintained its position as a top investment destination for citizens of the Gulf Cooperation Council (GCC), with 1,899 new licences granted to GCC citizens to practice economic activities during 2015, leading to a total of 19,803 licences by the end of 2015. Commercial licences made the top of the economic activities’ list, with a ratio of 78.1 per cent, while professional licences provided to GCC citizens represent a ratio of 15.6 per cent, according to the 7th Annual Statistical Report on the Gulf Common Market (GCM), issued by the Department of the Cooperation Council for the Arab States of the Gulf Affairs.
The volume of direct GCC imports to the UAE amounted to Dhs12.4 billion during the first nine months of 2015. The UAE’s direct exports to other GCC member states amounted to Dhs32.16 billion, while UAE re-exports amounted to Dhs24.6 billion during the first nine months of 2015.
The Ministry of Finance (MoF) released the report at a press conference at its headquarters in Abu Dhabi on Tuesday. The report outlined the UAE’s performance in the GCM. During the press conference, Under-Secretary at the MoF Younis Haji Al Khoori offered an overview of the report and the UAE’s performance with regard to 15 prominent aspects of the market. The report included statistical indicators of the UAE’s performance in economic, educational and social fields of the GCM, particularly sectors such as industry, real estate, investment companies, banks, stocks, trade, education, scientific research, and tourism and health services. Commenting on the report, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, stressed the UAE’s important position in the GCC countries and GCM, according to statistical data issued by the General Secretariat of the GCC. Al Tayer highlighted that these achievements come as a result of the directives of our wise leadership in achieving GCC economic integration.
Al Tayer said, The Ministry of Finance is committed to strengthening the UAE’s position in the GCM, and supporting the country’s public policy with regard to increasing Gulf economic integration. The Ministry also works on implementing the unified economic agreement between GCC countries, which falls within the scope of topics of GCC financial and economic integration, in order to achieve prosperity for GCC citizens and companies. Younis Haji Al Khoori said, The Ministry continues its efforts to support and enhance economic cooperation as well as initiate economic activity within the region. We urge all relevant entities to strengthen joint cooperation and work with the GCC to overcome economic difficulties and achieve sustainable economic development.
Real estate activity witnessed a remarkable increase in 2015, where the number of new real estate registrations for GCC citizens reached 4,964, with 3,290 residential ownerships, representing a ratio of 66.3 per cent, and 1,484 commercial, representing a ratio of 29.9 per cent. The number of listed companies in the Securities and Commodities Authorities (SCA) allowing GCC citizens to trade reached 86, representing a ratio of 78.2 per cent from the total registered companies in SCA for 2015.
