- UAE maintains its leading position in the GCC
The UAE has continued to achieve outstanding results in implementing Gulf Common Market (GCM) decisions, according to figures published in the 5th annual statistical report on the GCM by the Regional and International Financial Relations Department at the Ministry of Finance (MoF).
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. The report also revealed the total number of Gulf commercial bank branches operating in the UAE, GCC employees in the UAE public sector, the number of insurance policies extended to GCC nationals within the UAE, and GCC students enrolled in public and private schools, as well as the beneficiaries of the social and health service within the UAE.
HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, stressed the Ministry’s commitment to operate in accordance with Federal Government strategy, in order to strengthen the UAE’s position in the GCM.
He said: “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.”
HE added: “The report’s statistical and financial figures allow economists and experts to review the qualitative and quantitative developments that have been achieved in the GCM over the past period. This provides them with assurance 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.”
Economic and Real Estate Indicators
Data from the statistical report shows phenomenal growth in the number of licenses granted to GCC nationals to practice economic activities, which amounted to 35,006 by the end of 2013. This is an increase of 4,581 from 2012 and a growth of 15.1%. The number of licenses granted has continually increased from 2000 to 2013, 5,594 issued in 2000, representing an increase of 525.77% up to 2013.
From an economic perspective, the number of joint-stock companies that allow GCC citizens to trade shares has risen to 79 in 2013, constituting 75.2% of the total number of companies registered with the Securities and Commodities Authority. The total value of Gulf Capital invested in these companies amounted to AED 33.9 billion during the same year, a cumulative increase of 358.11% from 2012, when the total value of Gulf Capital stood at AED 7.4 billion. In 2013, Gulf banks opened new branches in the UAE, leading to a total of 10. This represents a growth rate of 66.6% from 2012, when there were only 6.
Social Indicators and the Labour Market
The number of GCC citizens working in the federal government sector has risen from 645 in 2012 to 1,085 in 2013, an increase of 68.22%, whilst the number of GCC Nationals working in the private sector amounted to 3,299 nationals by the end of 2013, an increase of 268 since 2012 and a growth of 8.84%.
In 2013, the total number of GCC national beneficiaries amounted to 8,058 compared to 5,689 in 2012, which represents an increase of 2,360 (41.4%) since 2012. In 2013, there were 60 national beneficiaries of social assistance and 16 recipients of social welfare services.
