GCC nationals buy more UAE properties

The amount pf property contracts entered into by GCC nationals in the UAE increased by 32% in 2011, according to the Ministry of Finance.

The figure is contained in a new statistical report on the Gulf Common Market by the ministry. It showed that 44,902 property contracts were entered into by GCC nationals in 2011, compared with 34,029 in 2010.

The number of traded registered contracts also more than doubled to 10,783, which the ministry said confirmed the UAE’s position as an atractive investment centre in the real estate market.

Commenting on the report, the Minister of State for Financial Affairs Obaid Humaid Al Tayer told Emierates News Agency that the figures emphasised the UAE’s determination to help build a Gulf Common Market by facilitating trade in the UAE.

He said: “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.”

The number of licenses for Gulf nationals to practice economic activities in the country also increased – as did the number of GCC nationals in publicly-listed companies that trade on Emirates exchanges.
municipalities departments and departments of land and property.

Aug 22, 2012