Minister:UAE keen to bolster GCM’s plans

In line with its continuous efforts to strengthen and deepen financial and economic cooperation between the countries of the Cooperation Council for the Arab States of the Gulf (CCASG), the Ministry of Finance (MoF) has  issued its annual statistical report on the Gulf Common Market (GCM) — 2011. Commenting on report, Minister of State for Financial Affairs Obaid Humaid Al Tayer emphasised the UAE’s determination to continue applying and activating plans of GCM, aiming to strengthen the trade capacity of the GCC nationals by providing all the possible trade facilities within the UAE. “The United Arab Emirates placed tremendous efforts towards the application of various resolutions related to the GCM, which is reflected through the promotion of the Gulf nationalship principle and the full equality achieved in professions and trades and economic and investment activities within the UAE in order to attain the maximum benefit possible for the GCC nationals.” “The UAE has managed to provide many economic and investment opportunities to GCC nationals in 2011, which has helped to attract more to invests in various economic, educational and social sectors. This has enhanced the UAE’s competitiveness across the gulf region,” he added. The report featured numbers and rates, highlighting efforts taken towards enhancing financial and economic co-operation of GCC states. The report revealed an increase in the registered property contracts of GCC nationals in the UAE by 32 per cent amounting to 44,902 contracts in 2011 compared to 34,029 contracts in 2010. It also presented an increase in the number of traded and registered properties for GCC nationals in the UAE, where the number of registered contracts increased from 4,604 contracts in 2010 to 10,873 in 2011, confirming the UAE as an attractive investment centre in the real estate market. MoF’s report pointed out that the number of licenses granted to GCC nationals to practice economic activities within the UAE has recorded a cumulative increase of 28,909 license in 2011 compared to 26,233 license in 2010 form, which equals to an increase of 10.2 per cent. Furthermore, the report presented an increase in the total number of GCC nationals who are covered in the social insurance within the UAE that amounted to 5,242 employees in 2011 comparing to 4,190 employees in 2010. The UAE played a prominent role towards the implementation of all resolutions relevant to the GCM, which was highlighted in the report through the remarkable increase in the number of GCC employees in the public sector in the UAE.