Property in Dubai
Increase in property ownership among GCC nationals in UAE
The Ministry of Finance has released statistical data for 2009, pertaining to the Gulf Common Market (GCM), which proves that UAE is at the forefront of the GCC nations in GCM integration.
The statistical report as issued by GCC and Arab Countries Affairs Department at MoF shows an increase in number of GCC nationals residing in UAE. The figures indicate a rise to 7,650 in 2009 from 5,608 in 2008.
The Governmental loans granted to GCC nationals to establish industrial projects, grew to Dh.20mn in 2009, in comparison to Dh.5.5mn in 2008. The number of GCC nationals, possessing properties in the UAE, increased to 22,706 in 2009.
About 1884 licenses for commercial and professional activities have been granted to GCC nationals. Seven commercial GCC banks have been operating in the UAE in 2009. The same number as in 2008, when it increased by three banks from 2007.
There are about 3,080 GCC nationals working in the UAE private sector in 2009, in comparison to 2,117 in 2008, while 605 were working in federal government entities, and 1932 in local governmental bodies.
The GCM project, which was launched in 2008, aims to achieve economic integration among the GCC member nations, by implementing a series of resolutions, including those related to freedom of movement and residence, working in private and government sectors, retirement, social insurance and exercise of professions and trades.
The project aims to facilitate real estate ownership, movement of capital, establishing companies, equality of tax treatment, trading of stocks and benefiting from educational and health services and social development.
Posted on 31/8/2010