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Statistical Report Highlights UAE’s Commitment Towards The Gulf Common Market

The Ministry of Finance (MoF) has published its annual statistical report for the year 2010 pertaining to the Gulf Common Market (GCM). Results presented in the report indicated an increase in the number of properties registered and held by GCC nationals within the UAE. While the number of registered property contracts amounted to 4,024 contracts in 2009, the number surged to 4,604 in 2010.

As a result, the gross cumulative rates of GCC citizens owning property in the UAE rose to 34,029 contracts in 2010 compared to 29,425 in 2009.

The ministry’s report also highlighted a cumulative increase in the rates of licenses granted to GCC citizens to practice economic activities within the UAE, where 26, 223 licenses were issued in 2010 compared to 24,109 in 2009. GCC bank branches in the UAE also witnessed a noticeable stability in growth rates, where 7 banks were registered in 2010, a release said.

Furthermore, the report highlighted a rise in the rate of GCC citizens working within the UAE, which have all been registered in the social security system pertaining to the country, where they amounted to 4,190 employees in 2010 in comparison to 3,589 in 2009. These numbers reflect the UAE’s commitment towards the implementation of the GCM, placing the UAE as a pioneer with regards to GCC integration efforts.

The report registered a noticeable rise in the rate of GCC citizens working within the federal public sector by a number of 184 employees, where the figure recorded in 2009 was 605 employees, compared to 789 in 2010. Results point, however, to a decline in the rate of GCC individuals employed within the private sector from 3080 in 2009 to 2906 in 2010.

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