United Arab Emirates Undersecretary of the Ministry of Finance Younis Haji Al Khouri announced the completion of all projects and studies required for Gulf economic and financial integration, which will become effective in 2025.
In his remarks to WAM, he stressed that the Gulf Cooperation Council (GCC) countries were keen on equality in the joint Gulf market in order to achieve integration.
Khouri noted that the GCC citizens' investments in UAE joint-stock companies hit AED41.453 billion ($11.2 billion) in 2019, an 11 percent increase over the previous year, while the real estate transactions conducted by GCC investors amounted to around AED1.294.2 billion ($352 million).
He explained that the number of GCC citizens owning properties in the UAE increased 10 percent to 48,535 in 2019 as compared to 2018, while the number of business licenses awarded to GCC investors totaled 29,352, a growth of 9 percent.
Further, the number of GCC shareholders in joint-stock companies grew to 204,032 in 2019.
Khouri pointed out that 1,826 GCC citizens were working in the UAE public sector in 2019, a 3 percent growth compared to 2018. Some 7,332 GCC citizens were working in the private sector in 2019, a 16 percent increase from the previous year.
Moreover, 9,426 GCC citizens are currently benefitting from pensions in the UAE, while those receiving social insurance benefits reached 5,478, he further added.
Saudi Arabia is the UAE’s top trading partner, at a total of AED113.2 billion ($30.8 billion) trade exchange in 2019, followed by Oman, at AED48 billion ($13 billion), which accounts for 22 percent of the UAE's total trade exchange with GCC states, he noted.
He added that the Supreme Council of the GCC stressed in its 41st session the significance of projects that have an integrative strategic prospect in the economic and development field.
The Council further ordered an accelerated path in implementing the roadmap and finishing the studies and projects required for economic unity among the GCC countries by 2025.
