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Abu Dhabi - The Ministry of Finance (MoF) released the 7th Annual Statistical Report on the Gulf Common Market (GCM) issued by the Department of the Cooperation Council for the Arab States of the Gulf Affairs, during a press conference organised today at the Ministry headquarters in Abu Dhabi. The report outlines the UAE's performance in the Gulf Common Market (GCM).
During the press conference, HE Younis Haji Al Khoori, Undersecretary of MoF offered an overview of the 7thAnnual Statistical report on GCM and the UAE's performance with regards to 15 most prominent aspects of the market.
The report included statistical indicators of the UAE's performance in economic, educational and social fields of the Gulf Common Market (GCM), particularly sectors such as industry, real estate, investment companies, banks, stocks, trade, education, scientific research, tourism and health services.
Commenting on the report, HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, stressed the UAE's important position in the Gulf Cooperation Council (GCC) countries and GCM, according to statistical data issued by the General Secretariat of the GCC. HE Al Tayer highlighted that these achievements come as a result of the directives of our wise leadership in achieving GCC economic integration.
HE Al Tayer said: "The Ministry of Finance is committed to strengthening the UAE's position in the GCM, and supporting the country's public policy with regards to increasing Gulf economic integration. The Ministry also works on implementing the unified economic agreement between GCC countries, which falls within the scope of topics GCC financial and economic integration, in order to achieve prosperity for GCC citizens and companies."
HE Younis Haji Al Khoori, Undersecretary of MoF, said: "The Ministry continues its efforts to support and enhance economic cooperation as well as initiate economic activity within the region. We urge all relevant entities to strengthen joint cooperation and work with the Council for the Arab States of the Gulf (GCC) to overcome economic difficulties and achieve sustainable economic development in the region."
The 7th Annual Statistical Report demonstrates the UAE's performance in GCM:
Economic Activity Licenses:
The UAE maintained its position as a top investment destination to GCC citizens, where 1,899 new licenses were granted to GCC citizens to practice economic activities during 2015, leading to a total of 19,803 licenses by the end of 2015. Commercial licenses made the top of the economic activities' list with a ratio of 78.1%, while professional licenses provided to GCC citizens represent a ratio of 15.6%.
Property Ownership:
The real estate activity witnessed a remarkable increase in 2015 witnessed a remarkable real estate activity, where the number of new real estate registration for GCC citizens reached 4,964 with 3,290 residential ownerships, representing a ratio of 66.3%, whilst 1,484 were commercial representing a ratio of 29.9% in 2015.
Banking and shares:
Gulf banks operating within the UAE reached to ten branches, including four branches owned by Kuwait. The number of listed companies in the Securities and Commodities Authorities (SCA) allowing GCC citizens to trade reached a total of 86 companies, representing a ratio of 78.2% from the total registered companies in SCA for 2015.
The total number of Gulf investors witnessed some fluctuation over the past years, where it dropped to 196,044 investors in 2015 as results of the economic conditions. However, the decline did not affect GCC citizens' investments on capital, where public listed companies' capitals that allow GCC citizens to trade increased from AED149 billion in 2014 to AED167 billion in 2015.
Trading shares:
The volume of direct GCC imports to the UAE amounted to AED 12.4 billion during the first nine months of 2015. The UAE's direct exports to other GCC member states amounted to AED 32.16 billion, while UAE's re-exports amounted to AED 24.6 billion during the first nine months of 2015.
Industry:
In 2015, the number of industrial establishments operating in the UAE amounted to 89 establishments, with 46 establishments for KSA representing the largest share (51.7%); 13 industrial establishments for Oman (14, 6%) followed by 13.5% for Kuwait, 11.2% for Bahrain and 9% for Qatar.
Investment companies:
The volume of Gulf industrial investment in the UAE amounted to AED 4.31 billion in 2015 and is distributed across different sectors including: AED 1.8 billion for nonmetallic mining industry (41.8%), AED 690 million for metal products (16.1 %), AED 410 million for food and beverage industry (9.4%), followed by the chemical industry (6.5%), machinery and equipment industry (6.1%) as well as the paper and paper product industry (5.6%).
Public and private sectors:
The number of GCC citizens working in the federal government sector reached 964 employees, while the number of GCC citizens working in the local government sector reached 815 employees in 2015. The number of GCC citizens working in the private sector amounted to 1,286 employees in 2015.
Tourism:
The number of GCC tourists witnessed a remarkable growth between 2010 and 2015, with a total of 4,185,110 tourists in 2015 and a compound annual growth rate of 66.2%. Saudi tourists represented a ratio of 45.7% from the total amount of GCC tourists, 32.9% for Omani tourists, 11.9% for Kuwaiti tourists, while Qataris recorded a ratio of 5.6% and 3.9% for Bahraini tourists.
Social and retirement security (insurance security):
The total number of GCC national beneficiaries in public and private sector between 2012 and 2015 recorded a ratio of 79.6%. This period has witnessed a significant growth in the number of beneficiaries, which increased from 5,698 to 10,289 beneficiaries, representing a growth rate of 80.6%. The number of beneficiaries of social and retirement security in the government sector reached 7,232 beneficiaries and 3,057 beneficiaries in private sector in 2015.
Social services:
The total number of GCC citizens benefiting from social services in UAE reached 272 beneficiaries in 2015, 245 of which benefit from social aid, and 27 in the social welfare category.
Education and Scientific Research:
The number of GCC students attending public schools in UAE amounted to 12,824 students in 2015, while students in private schools equalled 2,567 students. The number of GCC students attending public higher education institutions reached 971, while students attending private higher education institutions reached 8,023. The number of GCC professors teaching in private and public higher education institutions equalled 30 professors in 2015.
Health Services:
The number of GCC citizens participating in the health care system and benefiting from health services offered by the Ministry of Health reached 5,569 citizens in 2015. Omanis represent a ratio of 86.8%, followed by Saudis (6.1%) and (5.4%) Bahrainis.
The number of GCC patients visiting health centres under the the Ministry of Health reached 15,278 patients in 2015, while the number of patients visiting private healthcare centres reached 22,124 patients. GCC patients admitted to the ER departments reached 20,141 in 2015. The number of GCC citizens visiting outpatient clinics amounted to 42,265 citizens, while inpatients amounted to 4,328 patients in 2015.
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© Press Release 2016
