5 March 2011
UAE leads in GCC market integration
ABU DHABI - The UAE is at the forefront of GCC countries committed to implementing all resolutions related to the Gulf common market, or GCM.
The UAE’s commitment in this regard is highlighted in the third edition of “GCM: Facts & Figures” issued by the GCC General Secretariat, according to a Press released by the Ministry of Finance on Friday.
The UAE has implemented most of the GCM decisions issued in various economic, financial and trading domains.
“The UAE is keen to activate GCC economic integration and support GCC common projects and their diversification to serve all member states economies. We also continue to promote joint action and exchange experiences with our brothers in GCC countries; hoping to raise the level of GCC economic competitiveness in international forums,” said Obaid Humaid Al Tayer, Minister of State for Financial Affairs.
According to the statistics, the UAE is at the forefront of member states in licencing economic and financial activities for GCC citizens. The total number of licences granted amounted to 24,109. In 2009, loans granted to GCC citizens for establishing industrial projects in the UAE amounted to $45 million. Until 2009, six GCC commercial banks have been given licences to open branches all over the UAE.
The number of GCC citizens working in the UAE government sector reached to 2,823 employees in 2009. Compared to 484 employees in 2008, the number of GCC workers in the UAE non-governmental sector amounted to 780. The UAE was ranked at the first in terms of the number of GCC citizens covered in retirement benefits as they reached 2,823. In addition, 780 GCC citizens are included in the UAE social insurance.
The number of companies listed in the UAE financial markets and allowed to be traded by GCC citizens reached 85. The value of these companies amounted to $49 billion out of a $228 billion capital listed in the financial markets in 2009. The number of GCC shareholders in listed companies reached 276,805, which makes the UAE the first in terms of number of GCC shareholders trading in its financial markets.
The UAE played a leading role in accrediting the ownership of properties by GCC citizens. In 2009, GCC citizens owning properties in the UAE amounted to 22,706, which is the highest number in all member states. Concerning bilateral trade, UAE contributed to approving laws, systems and policies facilitating the outflow of commodities, services and transport among GCC countries. It also encouraged GCC products and treated them as local products; allowing businesses and productive units to open commercial offices in the country and import without the need of a local agent. This move positively impacted the growth of GCC exports the volume of bilateral trade between member states.
http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/business/2011/March/business_March111.xml§ion=business&col=
ABU DHABI - The UAE is at the forefront of GCC countries committed to implementing all resolutions related to the Gulf common market, or GCM.
The UAE’s commitment in this regard is highlighted in the third edition of “GCM: Facts & Figures” issued by the GCC General Secretariat, according to a Press released by the Ministry of Finance on Friday.
The UAE has implemented most of the GCM decisions issued in various economic, financial and trading domains.
“The UAE is keen to activate GCC economic integration and support GCC common projects and their diversification to serve all member states economies. We also continue to promote joint action and exchange experiences with our brothers in GCC countries; hoping to raise the level of GCC economic competitiveness in international forums,” said Obaid Humaid Al Tayer, Minister of State for Financial Affairs.
According to the statistics, the UAE is at the forefront of member states in licencing economic and financial activities for GCC citizens. The total number of licences granted amounted to 24,109. In 2009, loans granted to GCC citizens for establishing industrial projects in the UAE amounted to $45 million. Until 2009, six GCC commercial banks have been given licences to open branches all over the UAE.
The number of GCC citizens working in the UAE government sector reached to 2,823 employees in 2009. Compared to 484 employees in 2008, the number of GCC workers in the UAE non-governmental sector amounted to 780. The UAE was ranked at the first in terms of the number of GCC citizens covered in retirement benefits as they reached 2,823. In addition, 780 GCC citizens are included in the UAE social insurance.
The number of companies listed in the UAE financial markets and allowed to be traded by GCC citizens reached 85. The value of these companies amounted to $49 billion out of a $228 billion capital listed in the financial markets in 2009. The number of GCC shareholders in listed companies reached 276,805, which makes the UAE the first in terms of number of GCC shareholders trading in its financial markets.
The UAE played a leading role in accrediting the ownership of properties by GCC citizens. In 2009, GCC citizens owning properties in the UAE amounted to 22,706, which is the highest number in all member states. Concerning bilateral trade, UAE contributed to approving laws, systems and policies facilitating the outflow of commodities, services and transport among GCC countries. It also encouraged GCC products and treated them as local products; allowing businesses and productive units to open commercial offices in the country and import without the need of a local agent. This move positively impacted the growth of GCC exports the volume of bilateral trade between member states.
http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/business/2011/March/business_March111.xml§ion=business&col=
(UAE may return to GCC Monetary Union)
