Saudi Arabia accounts for 40.9% of issued licences, followed by Kuwait with 19.5%
01/10/2014 00:10 AST
The number of licences granted to Gulf Cooperation Council (GCC) nationals to conduct businesses in the UAE jumped 60 per cent to 35,006 by the end of 2013, compared to 21,870 in 2008, reflecting growing economic prosperity of the GCC nationals in the region.
Saudi Arabia accounted for a chunky 40.9 per cent of issued licences, followed by Kuwait with 19.5 per cent of issued licences.
“The ministry will continue to develop the required infrastructure to provide the best services and facilities, and an attractive investment, economic and social environment for GCC citizens in the UAE,” Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said in a statement.
The number of joint-stock companies that allowed GCC citizens to trade shares rose to 79 in 2013, constituting 75.2 per cent of the total number of companies registered.
The report will assure the stakeholders that “the market is moving steadily towards achieving its ultimate objectives in terms of economic prosperity and the social well-being of the GCC nationals,” Al Tayer stated.
The Gulf Common Market (GCM) was launched in 2008 to create conditions for the free movement of factors of production within the six-nation grouping. The Ministry of Finance issued its fifth annual statistical report on the Gulf Common Market on Tuesday.
The report focused on a number of areas, including economics, education, and social elements, in addition to the licenses granted to practice economic activities, the total number of registered property contracts and investors in the stock market.
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“It is part of re-emphasing their position as a business hub in the region, The policies of UAE, which are business friendly, and its developed infrastructure will suport and continue to support the UAE as a regional, trade and business services hub,” said Shady Shaher, senior economist at Standard Chartered Bank.
In 2013, Gulf banks opened new branches in the UAE, leading to a total of 10. This represents a growth rate of 66.6 per cent from 2012, when there were only six.
The number of GCC citizens working in the federal government sector rose to 1,085 in 2013, up 68.22 per cent on year, while the number of GCC Nationals working in the private sector amounted to 3,299 nationals by the end of 2013, an increase of 8.84 per cent.
The total number of GCC national beneficiaries amounted to 8,058 in 2013 compared to 5,689 in 2012.
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